Question: Exercise 22-16 (Algorithmic) (LO. 10) TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $453,000 (of

  1. Exercise 22-16 (Algorithmic) (LO. 10)

    TyroneCo, an S corporation with a positive E & P balance, reports gross receipts for the year totaling $453,000 (of which $226,500 is passive investment income). Expenditures directly connected to the production of the passive investment income total $90,600.

    Compute Tyrones passive investment income tax. If required, round your final answer to the nearest dollar. $

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