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Osprey Corporation, a closely held corporation, has $100,000 of net active income, $25,000 of portfolio...

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Accounting

Osprey Corporation, a closely held corporation, has $100,000 of net active income, $25,000 of portfolio income, and a $120,000 loss from a passive activity.

If an amount is zero, enter "0".

a. If Osprey is a personal service corporation, it can deduct $ of the passive activity loss in the current year.

b. If it is not a personal service corporation, Osprey can deduct $ of the passive activity loss in the current year.

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