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:
Single Product
Referring to businesses or production processes that focus on the manufacture or sale of one specific product.
Redesign
The process of changing or modifying the design of a product, service, or system to improve functionality or aesthetics.
Throughput
The time required to move orders through the production process, from receipt to delivery.
Rated Capacity
The maximum amount of output that a system, facility, or machine is designed to produce under specified conditions.
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