ACCT 424 Week 8 Final Exam Answers

a basis of
$200,000 in the
land.
Samantha has a
basis of
$200,000 in her
300 shares in
Lava
Corporation.
Both B and C
None of the
above
3. (TCO 2)
Pelican Inc., a
closely held
corporation (not
a PSC), has a
$350,000 loss
from a passive
activity,
$135,000 of
active income,
and $160,000 of
portfolio
income. How
much is
Pelican’s
taxable
income? (Points
: 5)
$0
($55,000)
$135,000
$295,000
$160,000