Sage, Inc, a Closely Held Corporation That Is Not a PSC

question 2

Multiple Choice

Sage, Inc., a closely held corporation that is not a PSC, has a $110,000 passive loss, $90,000 of active income, and $25,000 of portfolio income during the year. How much of the passive loss can Sage deduct in the current year?

• A) $0.
• B) $25,000.
• C) $90,000.
• D) $110,000.
• E) None of the above.

Identify the range of tasks and responsibilities of paralegals.

Understand the educational requirements and options for paralegal training.

Acknowledge the implications of technology on the paralegal profession.

Comprehend the limitations and legal boundaries of paralegal work.

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Definitions:

Selective Abstraction

A cognitive distortion where an individual focuses on a single negative detail or event, often ignoring the broader context of a situation.

Dichotomous Thinking

A cognitive distortion involving seeing things in black and white categories or all or nothing terms, without recognizing the middle ground.

Distancing

The emotional or physical detachment an individual may experience or enact as a coping mechanism or response to stress.

Upsetting Thoughts

Thoughts that cause emotional distress or discomfort.