Chuck Corporation Reports the Following Results for This Year At the End of This Year, Chuck's E&P for Its

question 90

Essay

Chuck Corporation reports the following results for this year:
$\begin{array}{ll}\text { Service (nonpassive) income } & \$ 17,500 \\\text { Dividend income } & 18,500 \\\text { Interest income } & 14,000 \\\text { Passive income-related expenses } & 5,000 \\\text { Other expenses } & 12,500\end{array}$ At the end of this year, Chuck's E&P for its C corporation tax years amount to $30,000. Compute Chuck Corporation's excess net passive income.

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