White Corporation,a closely held personal service corporation,has $150,000 of passive losses,$120,000 of active business income,and $30,000 of portfolio income.How much of the passive loss may White Corporation deduct?
A) $0.
B) $30,000.
C) $120,000.
D) $150,000.
E) None of the above.
Correct Answer:
Verified
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