Heron Corporation is a personal service corporation. It had $230,000 of net active income, $40,000 of portfolio income, and a $250,000 passive loss during the year. How much is Heron’s taxable income for the year?     a. $20,000.     b. $40,000     c. $270,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Heron Corporation is a personal service corporation. It had $230,000 of net active income, $40,000 of portfolio income, and a $250,000 passive loss during the year. How much is Heron’s taxable income for the year?

   

a. $20,000.

   

b. $40,000

   

c. $270,000

   

d. $520,000

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