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Pepper, Inc., an S corporation in Norfolk, Virginia, has revenues of $450,000, taxable interest of $425,000, operating expenses of $150,000, and deductions attributable to the
Pepper, Inc., an S corporation in Norfolk, Virginia, has revenues of $450,000, taxable interest of $425,000, operating expenses of $150,000, and deductions attributable to the interest income of $70,000. Calculate any passive investment income penalty tax payable by this corporation.
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