RGD Corporation was a C corporation from its inception in 2012 through 2016.However,it elected S corporation status effective January 1,2017.RGD had $50,000 of earnings and profits at the end of 2016.RGD reported the following information for its 2017 tax year.
What amount of excess net passive income tax is RGD liable for in 2017? (Round your answer for excess net passive income to the nearest thousand).
Definitions:
Self-Monitoring
The practice of observing and managing one's behavior in social situations to conform to the perceived expectations of others.
Self-Efficacy
One’s beliefs about the degree to which one will be able to accomplish a goal if one tries.
Express
pertains to conveying thoughts, feelings, or instructions clearly and directly, often through verbal or non-verbal communication.
Personality
The combination of characteristics or qualities that form an individual's distinctive character, affecting how they think, feel, and behave across various situations.
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