Catfish,Inc

question 39

Multiple Choice

Catfish,Inc. ,a closely held corporation which is not a PSC,owns a 45% interest in Trout Partnership,which is classified as a passive activity.Trout's taxable loss for the current year is $250,000.During the year,Catfish receives a $60,000 cash distribution from Trout.Other relevant data for Catfish are as follows: How much of Catfish's share of Trout's loss may it deduct in calculating its taxable income?

• A)$0.
• B)$20,000.
• C)$45,000.
• D)$112,500.
• E)None of the above.

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Definitions:

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