Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance,...
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Exercise 22-16 (Algorithmic) (LO. 10)
TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $453,000 (of which $226,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $90,600.
Compute Tyrone’s passive investment income tax.
If required, round your final answer to the nearest dollar.
$
Homework Answers
Excessive net passive income = passive investment income in excess of 25% of gross receipts for the year / passive investment income for the year x net passive investment income for the year: 453,000-(453,000×25%)/453,000 ×135,900(226,500-90,600)
=$101,925.
Passive investment income tax = $101,925 ×35%
= $35,674.
____×____
All the best
Problem 12-21 (LO. 10)
TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $400,000 (of which $200,000 is passive investment income). Expenditures directly connected to the production of the passive investment income total $80,000.
Compute Tyrone's passive investment income tax.
If required, round your final answer to the nearest dollar.
$
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Exercise 22-16 (Algorithmic) (LO. 10)
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