aRuAssignment/ takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assignment-take&inprogress -false eBook Calculator Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $417,000 (of which $208,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $83,400. Do not round intermediate computations. If required, round your final answer to the near Tyrone's passive investment income tax is 4,560 X on the excess passive income of S corporations that possess AEP from C corporation years. The tax rate is the highest corporate rate for the year