Wood Corporation was a C corporation in 2014 but elected to be taxed as an S corporation in 2015. At the end of 2014, its earnings and profits were $15,500. The following table reports Wood's (taxable) income for 2015 (its first year as an S corporation).
Wood Corporation
Income Statement
December 31, 2015
Sales revenue...........................................$150,000
Cost of goods sold.....................................(35,000)
Salary to owners........................................(60,000)
Employee wages........................................(50,000)
Depreciation expense....................................(4,000)
Miscellaneous expenses.................................(4,000)
Interest income.............................................8,000
Dividend income...........................................2,000
Overall net income.......................................$ 7,000
What is Wood Corporation's excess net passive income tax for 2015?