Question

Indigo, Inc., a personal service corporation, has the following types of income and losses.
Active income ............. $325,000
Portfolio income ............ 49,000
Passive activity loss .......... 333,000
a. Calculate Indigo's taxable income.
b. Assume that instead of being a personal service corporation, Indigo is a closely held corporation. Calculate Indigo's taxable income.
c. Would the answer in (b) change if the passive loss was $320,000 rather than $333,000? Explain.


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  • CreatedMay 25, 2015
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