A taxpayer has the following income (losses) for the current year:
1. Active Income: $98,000
2. Portfolio Income: $22,000
3. Passive Income: $(30,000)
What is the taxable income (loss) of the taxpayer if:
a. The taxpayer is a publicly held corporation?
b. The taxpayer is a closely held corporation?
c. The taxpayer is an individual and the passive income is not from a rental activity?
d. The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer qualifies as a real estate professional.
e. The taxpayer is an individual and the passive income is the result of a rental activity for which the taxpayer fails to qualify as a real estate professional but meets the active participation test?