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Grackle Corporation, a personal service corporation, had $230,000 of net active income, $40,000 of portfolio...

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Accounting

Grackle 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 current year. How much is Grackle's taxable income for the year?

a. $20,000

b. $270,000

c. $40,000

d. $520,000

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