Calculate passive investment income penalty tax payable, Accounting Basics

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Calculate passive investment income penalty tax payable

Question:

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. Calculate any passive investment income penalty tax payable.

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Accounting Basics: Calculate passive investment income penalty tax payable

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