New-Tech Services, Inc., is owned by four engineers, all of whom work full-time for the corporation. The

Question:

New-Tech Services, Inc., is owned by four engineers, all of whom work full-time for the The has eight other full-time employees, all on the clerical staff. New-Tech provides consulting services to inventors. The has invested in a passive activity that produces a $60,000 loss this year. Can New-Tech deduct the loss in the current year? Explain.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...