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:
Circadian Rhythm
An innate process that governs the rhythm of sleep and wakefulness, repeating about every 24 hours.
Biorhythm
Theoretical cycles believed to affect various physical, emotional, and intellectual conditions in humans.
Euclidean Rhythm
A mathematical algorithm that evenly distributes a specified number of beats or pulses across a larger number of time slots, often used in music composition.
Phi Effect
A perceptual illusion where stationary objects shown in rapid succession are perceived as moving, used to explain motion in cinema and animations.
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