In the Current Year, Spring Corporation, a Closely Held Personal

question 94

Multiple Choice

In the current year, Spring Corporation, a closely held personal service corporation, has $120,000 of passive losses, $70,000 of active business income, and $50,000 of portfolio income.How much of the passive loss may Spring deduct in the current year?

• A)$120,000.
• B)$70,000.
• C)$50,000.
• D)$0.
• E)None of the above.

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