Question
Enviro Corporation reports the following results: Service income (not passive income) $80,000 Dividend income 60,000 Interest income 120,000 Passive income-related expenses 40,000 Other expenses 100,000
Enviro Corporation reports the following results:
Service income (not passive income) $80,000
Dividend income 60,000
Interest income 120,000
Passive income-related expenses 40,000
Other expenses 100,000
At the end of the year, Enviro's Subchapter C E&P is $100,000. What is Enviro Corporation's
excess net passive income and its excess net passive income tax for the year? Tax rate is 35%
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Forensic Accounting And Fraud Examination
Authors: Paul Barnes
1st Edition
1118454138, 978-1118454152
