Power Corporation reports the following results:
$\begin{array}{ll}
\text { Service income (not passive income) }&\$40,000\
\text { Dividend income } & 30,000 \
\text { Interest income } & 60,000 \
\text { Passive income-related expenses } & 20,000 \
\text { Other expenses } & 50,000
\end{array}$ At the end of the year,Power's Subchapter C E&P is $50,000.What is Power Corporation's excess net passive income and its excess net passive income tax for the year?

Question

Power Corporation reports the following results:
 $\begin{array}{ll}
\text { Service income (not passive income) }&\$40,000\
\text { Dividend income } & 30,000 \
\text { Interest income } & 60,000 \
\text { Passive income-related expenses } & 20,000 \
\text { Other expenses } & 50,000
\end{array}$ At the end of the year,Power's Subchapter C E&P is $50,000.What is Power Corporation's excess net passive income and its excess net passive income tax for the year?

Quizplus · Accepted Answer

The Answer of Power Corporation reports the following results:
 $\begin{array}{ll}
\text { Service income (not passive income) }&\$40,000\
\text { Dividend income } & 30,000 \
\text { Interest income } & 60,000 \
\text { Passive income-related expenses } & 20,000 \
\text { Other expenses } & 50,000
\end{array}$ At the end of the year,Power's Subchapter C E&P is $50,000.What is Power Corporation's excess net passive income and its excess net passive income tax for the year?

Power Corporation Reports the Following Results At the End of the Year,Power's Subchapter C E&P Is