Required information

Skip to question

$[$The following information applies to the questions displayed below.$]$

Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios:

Note: Leave no answer blank. Enter zero if applicable.

a$.$ Passive investment income, $$100,000$; expenses associated with passive investment income, $$40,000$; gross receipts, $$120,000$; taxable income if a C corporation, $$40,000$; corporate Earnings and profit, $$30,000.$b$.$ Passive investment income, $$100,000$; expenses associated with passive investment income, $$70,000$; gross receipts, $$120,000$; taxable income if a C corporation, $$1,200$; corporate Earnings and profit, $$30,000.$c$.$ Passive investment income, $$100,000$; expenses associated with passive investment income, $$40,000$; gross receipts, $$120,000$; taxable income if a C corporation, $$40,000$; corporate Earnings and profit, $$0.$