Solved: Compute the taxable income for the year, Taxation

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Compute the taxable income for the year

Response to the following problem:

Hummingbird Corporation, a closely held C corporation that is not a PSC, has $40,000 of net active income, $15,000 of portfolio income, and a $45,000 loss from a passive activity. Compute Hummingbird's taxable income for the year.

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Taxation: Compute the taxable income for the year

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Taxation: Compute the taxable income for the year

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