An S Corporation with Substantial AEP Has Operating Revenues of $410,000

question 103

Multiple Choice

An S corporation with substantial AEP has operating revenues of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000. The passive income penalty tax payable, if any, is:

• A) $0.
• B) $40,923.
• C) $116,923.
• D) $136,500.
• E) None of the above.

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Definitions:

Short-Term Goals

The specific plans of action for the things you would like to accomplish right now or in the immediate future.

Long-Term Goals

Those things you decide to work for after developing a life plan for the future.

Taking Responsibility

The act of acknowledging and accepting the choices you have made, the actions you have taken, and the results they have led to.

Setting Priorities

Deciding ahead of time which tasks are the most, and least, important.