Question
Puckett Inc., an S corporation, reports sales revenues of $400,000, taxable interest of $380,000, operating expenses of $250,000, and deductions attributable to the interest income
Puckett Inc., an S corporation, reports sales revenues of $400,000, taxable interest of $380,000, operating expenses of $250,000, and deductions attributable to the interest income of $140,000. Puckett, Inc. does not have AEP remaining from its C corporation years.What is Puckett Inc.'s passive income penalty tax payable?
A. $380,000
B. $24,537
C. $0
D. $116,842
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Audit Regulations Audit Market Structure And Financial Reporting Quality Foundations And Trends R In Accounting
Authors: Christopher Bleibtreu, Ulrike Stefani
1st Edition
1680839004, 978-1680839005
