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 the above

Question

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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 the above

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