Grebe Corporation, a closely held corporation that is not a PSC, had $75,000 of net active income, $60,000 of portfolio income, and a $105,000 passive activity loss during the year. How much of the passive activity loss can Grebe deduct in the current year?
A) $0
B) $60,000
C) $105,000
D) $135,000
E) None of these.

Question

Quizplus · Accepted Answer

The Answer of Grebe Corporation, a closely held corporation that is not a PSC, had $75,000 of net active income, $60,000 of portfolio income, and a $105,000 passive activity loss during the year. How much of the passive activity loss can Grebe deduct in the current year?
A) $0
B) $60,000
C) $105,000
D) $135,000
E) None of these.

Grebe Corporation, a Closely Held Corporation That Is Not a PSC