Assume that Clampett, Inc. has $200,000 of sales, $150,000 of cost of goods sold, $60,000...
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Accounting
Assume that Clampett, Inc. has $200,000 of sales, $150,000 of cost of goods sold, $60,000 of interest income, and $40,000 of dividends. Assume that Clampett, Inc. never operated as a C corporation and that the corporate tax rate is 21%. What is Clampett, Inc.'s excess net passive income tax?
A- 0
B- $21,000
C- $75,000
D- $100,000
E- None of these choices are correct
Please explain
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