RGD Corporation was a C corporation from its inception in 2013 through 2017. However, it elected S corporation status effective January 1, 2018. RGD had $50,000 of earnings and profits at the end of 2017. RGD reported the following information for its 2018 tax year.
What amount of excess net passive income tax is RGD liable for in 2018? Assume the corporate tax rate is 21%. (Round your answer for excess net passive income to the nearest thousand).
Definitions:
Global Warming
Increasing global atmospheric and oceanic temperatures as measured or inferred from some point in the past to the present.
Lithosphere
The rigid outer layer of the earth, including the crust and upper mantle, which is divided into tectonic plates.
Biosphere
The global sum of all ecosystems, including all living organisms and their relationships to each other and to their environments.
Groundwater
Water that occurs in the pores, fractures, and cavities in the subsurface.
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