RGD Corporation was a C corporation from its inception in 2015 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? (Round your answer for excess net passive income to the nearest thousand.)
Definitions:
Red Bone Marrow
A type of bone marrow that produces blood cells, located in the spongy bone.
Thymus
A small organ located in the upper chest, crucial for the development of the immune system's T cells during early life.
Lymph Nodes
Small, bean-shaped structures that are part of the body’s immune system, trapping pathogens and foreign particles.
Tonsils
Masses of lymphoid tissue located at the back of the throat that help protect the body from infection and play a role in the immune system.
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