RGD Corporation was a C corporation from its inception in 2016 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? (Round your answer for excess net passive income to the nearest thousand.)
Definitions:
Conquistadors
Conquistadors were the Spanish soldiers, explorers, and fortune hunters who took part in the conquest of the Americas in the 16th century, leading to the extensive territorial expansions of Spain.
Missionaries
Individuals sent on a religious mission, often to promote their faith in foreign countries.
Schemas
Cognitive structures that help individuals organize and interpret information, based on prior knowledge and experiences.
Gender Expressions
The external manifestations of an individual's gender identity, including clothing, hairstyle, behavior, and other forms of presentation.
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