Calculate Anaheim Corporation's excess net passive income tax

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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.

 

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.

 

Excess net passive inocme tax?

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