Lisa owns and operates Athlete Success Limited, a closely held personal service corporation in which she provides training advice to professional athletes. Athlete Success Limited has $60,000 of passive losses, $30,000 of active business income, and $15,000 of portfolio income. How much of the passive loss may Athlete Success Limited deduct in the current year?  

Answer rating: 100% (QA)

Athlete Success Limited a closely held personal service corporation cannot deduct any of its 60000 p... View the full answer