Calculate anaheim corporation excess net passive income tax

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Question - Calculate Anaheim Corporation's excess net passive income tax in each of the following alternative scenarios:

a. Passive investment income, $100,000; expenses associated with passive investment income, $40,000; gross receipts, $120,000; taxable income if a C corporation, $40,000; corporate E&P, $30,000.

b. Passive investment income, $100,000; expenses associated with passive investment income, $70,000; gross receipts, $120,000; taxable income if a C corporation, $1,200; corporate E&P, $30,000.

Reference no: EM133175892

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