Problemflint an s corporation with substantial aep reports, Ask an Expert

Accounting

Problem:

Flint, an S corporation with substantial AEP, reports operating revenues of $410,000, taxable interest income of $390,000, operating expenses of $260,000, and deductions attributable to the interest of $150,000.

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Question: Calculate any passive investment income penalty tax payable.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164286

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