Maple, Inc. is an S corporation. It has accumulated Earnings & Profits and for three...
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Maple, Inc. is an S corporation. It has accumulated Earnings & Profits and for three consecutive year-ends, more than 25 percent of its gross receipts have unfortunately consisted of dreaded passive investment income. This year, its passive investment income is $625,000, its deductions related to that passive investment income are $25,000, and its gross receipts equal $1,000,000. What amount of tax on excess passive investment income does Maple have for the current year?
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