Wood Corporation was a C corporation in 2016 but elected to be taxed as an S corporation in 2017. At the end of 2016, its earnings and profits were $15,500. The following table reports Wood's (taxable) income for 2017 (its first year as an S corporation).

Wood Corporation

Income Statement

December 31, 2017

Sales revenue ............................................. $150,000

Cost of goods sold ....................................... (35,000)

Salary to owners .......................................... (60,000)

Employee wages .......................................... (50,000)

Depreciation expense ................................... (4,000)

Miscellaneous expenses ............................... (4,000)

Interest income ................................................ 8,000

Qualified dividend income ............................. 2,000

Overall net income ........................................ $7,000

What is Wood Corporation's excess net passive income tax for 2017?