S Corporations Without Earnings and Profits from Prior C Corporation

question 26

True/False

S corporations without earnings and profits from prior C corporation years are not subject to the excess net passive income tax.

---

Definitions:

Collective Intelligence

The shared or group intelligence that emerges from the collaboration, collective efforts, and competition of many individuals and appears in consensus decision-making.

Generalized Ability Intelligence

A theoretical concept referring to the overall capacity of an individual to understand complex ideas, adapt effectively to the environment, learn from experience, engage in various forms of reasoning, and overcome obstacles through thought.

Specific Problems

Particular issues or challenges that are defined and identifiable, often requiring targeted solutions or intervention.

Group Members

Group members are individuals who comprise a collective or team, sharing common goals, tasks, or interests.