$82,350 and § 1231 gain of $529,400.
Ordinary income of $117,650 and §
1231 gain of $494,100.
None of the above.
63. 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?
64. Erin Corporation, a personal service corporation, had $230,000 of net
active income, $40,000 of portfolio income, and a $250,000 passive activity
loss during the year. How much is Erin’s taxable income?
65. Grebe Corporation, a closely held corporation that is not a PSC, had
$75,000 of net active income, $60,000 of portfolio income, and a $105,000
passive activity loss during the year. How much of the passive activity loss
can Grebe deduct in the current year?