37. Crow Corporation, an S corporation from the date of its incorporation, is in the process of...
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37. Crow Corporation, an S corporation from the date of its incorporation, is in the process of liquidating. During the current year, it reports gross receipts of only $40,000; it has passive investment income of $25,000 from the money it invested after the sale of a large portion of its operating assets. It has expenses related to this income of $1,000. Is the corporation liable for the passive investment income tax?
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