Question: In the current year, Proctor , Inc., a closely held C corporation, has $410,000 of net active income, $20,000 of portfolio income, and a $75,000

In the current year, Proctor , Inc., a closely held C corporation, has $410,000 of net active income, $20,000 of portfolio income, and a $75,000 passive activity loss. What is Protor taxable income for the current year under the following circumstances? a. Protor is a personal service corporation. b. Protor is not a personal service corporation.

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