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Calculate copper excess net passive income

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Reference no: EM132093760

Question - Copper, an S corporation, has gross receipts of $190,000 and gross income of $170,000. Copper has AEP of $22,000 and ordinary income of $29,000. It has passive investment income of $100,000, with $40,000 of expenses directly related to the production of passive investment income.

(I) What are the requirements to elect S corporation status?

(II) Calculate Copper's excess net passive income.

(III) Calculate the passive investment income penalty tax.

Reference no: EM132093760

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