n corporation which has been an s corporation since the daite of its incorporation 10 years ago, has passive investment income of $35,000 and profits from operations of $14,000 in the current year. N has $80,000 of gross receipts in the current year. What is the amount of tax N is subject to in the current year (assuming the highest corporate tax rate in the current year is 35%) a. $12,250 b. $5,250 c. 1,750 d. 0