During the current year, Woodchuck, Inc., a closely held personal service corporation, has $115,000 of net active income, $40,000 of portfolio income, and $135,000 of passive activity loss. What is Woodchuck's taxable income for the current year?
A) $0
B) $20,000
C) $40,000
D) $155,000
E) None of the above

Question

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The Answer of During the current year, Woodchuck, Inc., a closely held personal service corporation, has $115,000 of net active income, $40,000 of portfolio income, and $135,000 of passive activity loss. What is Woodchuck's taxable income for the current year?
A) $0
B) $20,000
C) $40,000
D) $155,000
E) None of the above

During the Current Year, Woodchuck, Inc