RGD Corporation was a C corporation from its inception in 2014 through 2018.However,it elected S corporation status effective January 1,2019.RGD had $50,000 of earnings and profits at the end of 2018.RGD reported the following information for its 2019 tax year.
What amount of excess net passive income tax is RGD liable for in 2019? Assume the corporate tax rate is 21%.
Definitions:
Economic Output
The total value of all goods and services produced within an economy over a specific time period.
Potentially Efficient
A condition where resources could be allocated in a way that maximizes the net benefits to society, although it may not necessarily be achieved.
Empirical Economics
The study of economics based on the collection and analysis of data, emphasizing the role of observation and experimentation in understanding economic principles.
Economic Theories
These are frameworks or models that explain how economic processes work and predict how economies will respond to certain actions.
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