In the Current Year, Crow Corporation, a Closely Held C

question 13

Multiple Choice

In the current year, Crow Corporation, a closely held C corporation that is not a personal service corporation, has $100,000 of passive activity losses, $80,000 of active business income, and $20,000 of portfolio income.How much of the passive activity loss may Crow deduct in the current year?

• A)$0.
• B)$20,000.
• C)$80,000.
• D)$100,000.
• E)None of these.

---

Definitions:

Chargaff's Rules

Empirical rules stating that DNA from any cell of any organisms has a 1:1 ratio of pyrimidine and purine bases (cytosine to guanine and adenine to thymine).

Purines

Nitrogenous bases found in DNA and RNA that include adenine and guanine.

Pyrimidines

One of the two types of nitrogenous bases found in nucleic acids, characterized by a single ring structure, and includes cytosine, thymine (DNA only), and uracil (RNA only).

Semiconservative Replication

The process by which DNA duplicates itself, where each new DNA molecule consists of one old strand and one newly synthesized strand.