TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $533,000 (of which $266,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $106,600. Compute Tyrone's passive investment income tax. If required, round your final answer to the nearest dollar.

TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $533,000 (of which $266,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $106,600. Compute Tyrone's passive investment income tax. If required, round your final answer to the nearest dollar.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Subject: accounting
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