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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 $557,000 (of

Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $557,000 (of which $278,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $111,400.

Compute Tyrones passive investment income tax.

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