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 Tyrone's passive investment income tax. If required, round your final answer to the nearest dollar. $ 4,385 X 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