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TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $ 4 8 5 , 0 0

TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $

485, 000 (

of which $

242, 500

is passive investment income

) .

Expenditures directly connected to the production of the passive investment income total $

97, 000 .

Compute Tyrone's passive investment income tax.

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