During the Current Year, Violet, Inc

question 23

Multiple Choice

During the current year, Violet, Inc., a closely held corporation (not a PSC) , has $55,000 of passive activity loss, $80,000 of net active income, and $20,000 of portfolio income. How much is Violet's taxable income for the current year?

• A) $20,000
• B) $45,000
• C) $80,000
• D) $100,000
• E) None of the above