12-48 Passive Investment Income Tax (LO. 10) Flint, an S corporation with substantial AEP, reports...
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12-48 Passive Investment Income Tax (LO. 10) Flint, an S corporation with substantial AEP, reports operating revenues of $400,000, taxable interest income of $200,000, operating expenses of $175,000, and deductions attributable to the interest of $10,000. Calculate any excess passive investment income(ENPI) and the associated penalty tax payable. Round any division to four decimal places and use in subsequent calculations. Round your final answers to the nearest dollar. ENPI: $_____ 1375 penalty tax : $ _____
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