. (TCO 2) Barry owns a 30% interest in a partnership that earned $300,000 this year. He also owns 30% of the stock in a C corporation that earned $300,000 during the year. The partnership did not make any distributions, and the corporation did not pay any dividends. How much income must Barry report from these businesses? (Points : 2) | $0 income from the partnership and $0 income from the corporation $0 income from the partnership and $90,000 income from the corporation $90,000 income from the partnership and $0 income from the corporation $90,000 income from the partnership and $90,000 income from the corporation None of the above | Question 2. 2. (TCO 2) Lilac Corporation, a closely held corporation (not a PSC), had $180,000 of active income, $110,000 of portfolio income, and a $195,000 passive loss during the year. How much of the passive loss is deductible? (Points : 2) | $0 $110,000 $180,000 $195,000 None of the above | Question 3. 3. (TCO 2) Eagle Corporation owns stock in Hawk Corporation and has taxable income of $160,000 for the year before considering the dividends received deduction. Hawk Corporation pays Eagle a dividend of $200,000, which was considered in calculating the $160,000. Which amount of dividends received deduction may Eagle claim if it owns 15% of Hawk’s stock? (Points : 2) | $0 $112,000 $140,000 $160,000 None of the above | Question 4. 4. (TCO 1) Eve transfers property (basis of $120,000 and fair market value of $400,000) to Green Corporation for 80% of its stock (worth $350,000) and a long-term note (worth $50,000), executed by Green Corporation and made payable to Eve. As a result of the transfer, (Points : 2) | Eve recognizes no gain. Eve recognizes a gain of $230,000. Eve