A taxpayer has the following income (losses) for the current year:
|
Active Income
|
Portfolio Income
|
Passive Income
|
|
$18,000
|
$31,000
|
$(35,000)
|
What is the taxpayer's taxable income (loss) if
The taxpayer is a publicly held corporation?
The taxpayer is a closely held corporation?
The taxpayer is a single individual and the passive income is not from a rental activity?
The taxpayer is a single individual and the passive income is the result of a rental activity for which the taxpayer is a qualified real estate professional?
The taxpayer is a single 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 does meet the active participation test?