Exercise 12-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $429,000 (of which $214,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $85,800 Do not round intermediate computations. If required, round your final answer to the nearest dollar. Tyrone's passive investment income tax is $ 0 Feedback Check My Work A tax is imposed 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