Lejeune, Inc., an S corporation in Boone, North Carolina, reports operating revenue of $400,000, the taxable interest
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Lejeune, Inc., an S corporation in Boone, North Carolina, reports operating revenue of $400,000, the taxable interest of $380,000, operating expenses of $250,000, and deductions attributable to the interest income of $140,000. Lejeune's accumulated E&P amounts to $2 million. Calculate any penalty tax payable by Lejeune or its shareholders.
Related Book For
Intermediate Accounting
ISBN: 978-0078025839
9th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson , Wayne Thomas
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