Wood Corporation was a C corporation in 2021 but elected to be taxed as an S corporation in 2022. At the end of 2021, its earnings and profits were $15,500. The following table reports Wood Corp.’s (taxable) income for 2022 (its first year as an S corporation).

What is Wood Corporation’s excess net passive income tax for 2022?

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Wood Corporation Income Statement December 31, 2022 Sales revenue Cost of goods sold Salary to owners Employee wages Depreciation expense Miscellaneous expenses Interest income Qualified dividend income Overall net income $150,000 (35,000) (60,000) (50,000) (4,000) (4,000) 8,000 2,000 $7,000