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Salamander Corporation, an S corporation, generated gross receipts for the year totaling $310,000, of which $140,000 is passive investment income (PII). Expenditures directly connected to

Salamander Corporation, an S corporation, generated gross receipts for the year totaling $310,000, of which $140,000 is passive investment income (PII). Expenditures directly connected to the production of the PII total $40,000. Salamander's PII tax is: a. $44,643. b. $77,500. c. $62,500. d. $9,375. e. $0

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