Brew,an S corporation,has gross receipts of $190,000 and gross income of $170,000.Brew has AEP of $22,000 and ordinary income of $30,000.It has passive investment income of $100,000,with $40,000 of expenses directly related to the production of passive investment income.Calculate Brew's excess net passive income and any passive investment income penalty tax.

Question

Quizplus · Accepted Answer

The Answer of Brew,an S corporation,has gross receipts of $190,000 and gross income of $170,000.Brew has AEP of $22,000 and ordinary income of $30,000.It has passive investment income of $100,000,with $40,000 of expenses directly related to the production of passive investment income.Calculate Brew's excess net passive income and any passive investment income penalty tax.

Brew,an S Corporation,has Gross Receipts of $190,000 and Gross Income