A taxpayer has the following income (losses) for the current year:
?
$$\begin{array} { l l l }
\text { Active Income } & \text { Portfolio Income } & \text { Passive Income } \
\$ 98,000 & \$ 22,000 & \$ ( 30,000 )
\end{array}$$
What is the taxable income (loss) of the taxpayer if:
a.The taxpayer is a publicly held corporation?
b.The taxpayer is a closely held corporation?
c.The taxpayer is an individual and the passive income is not from a rental activity?
d.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?

Question

A taxpayer has the following income (losses) for the current year:
?
 $$\begin{array} { l l l } 
\text { Active Income } & \text { Portfolio Income } & \text { Passive Income } \
\$ 98,000 & \$ 22,000 & \$ ( 30,000 )
\end{array}$$ 
What is the taxable income (loss) of the taxpayer if: 
a.The taxpayer is a publicly held corporation?
b.The taxpayer is a closely held corporation?
c.The taxpayer is an individual and the passive income is not from a rental activity?
d.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?

Quizplus · Accepted Answer

The Answer of A taxpayer has the following income (losses) for the current year:
?
 $$\begin{array} { l l l } 
\text { Active Income } & \text { Portfolio Income } & \text { Passive Income } \
\$ 98,000 & \$ 22,000 & \$ ( 30,000 )
\end{array}$$ 
What is the taxable income (loss) of the taxpayer if: 
a.The taxpayer is a publicly held corporation?
b.The taxpayer is a closely held corporation?
c.The taxpayer is an individual and the passive income is not from a rental activity?
d.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e.The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?

A Taxpayer Has the Following Income (Losses) for the Current