Grackle Corporation, a Personal Service Corporation, Had $230,000 of Net

question 72

Multiple Choice

Grackle Corporation, a personal service corporation, had $230,000 of net active income, $40,000 of portfolio income and a $250,000 passive activity loss during the year. How much is Grackle's taxable income?

• A) $20,000
• B) $40,000
• C) $270,000
• D) $520,000
• E) None of these.

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Definitions:

Metals

Elements that are good conductors of electricity and heat, have a shiny appearance, and are malleable and ductile.

Tin

A chemical element with the symbol Sn and atomic number 50, known for its corrosion resistance and used in alloys and coatings.

Zinc

A metallic element with symbol Zn, necessary for human health and used in alloys such as brass, in galvanization, and in various chemical reactions.

Copper

A reddish-brown, malleable, ductile metallic element with high electrical and thermal conductivity, used in a wide variety of applications.