RGD Corporation was a C corporation from its inception in 2015 through 2019. However, it elected S corporation status effective January 1, 2020. RGD had $50,000 of earnings and profits at the end of 2019. RGD reported the following information for its 2020 tax year.
What amount of excess net passive income tax is RGD liable for in 2020? Assume the corporate tax rate is 21%.
Definitions:
Overcontrolled/Constrictive
Personality characteristics involving excessive restraint, control over impulses, and avoidance of risks or spontaneity.
Neuroticism
A personality trait characterized by the tendency to experience negative emotions, such as anxiety, depression, or anger, more frequently and intensely than others.
Conscientiousness
A personality trait that reflects a person's tendency to be organized, dependable, and show self-discipline and a goal-directed behavior.
Low Body Weight
Refers to a body weight that is significantly below what is considered normal or healthy for a person's height and age.
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