If a Taxpayer Has the Following for the Current Year

question 52

Multiple Choice

If a taxpayer has the following for the current year:
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I.If the taxpayer is a regular corporation,taxable income from the three activities is a loss of $19,000.
II.If the taxpayer is an individual and the passive income is related to a rental real estate activity in which the taxpayer is an active participant,taxable income is $11,000.
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• A)Only statement I is correct.
• B)Only statement II is correct.
• C)Both statements are correct.
• D)Neither statement is correct.

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