Josie Inc was a C Corporation from January1, 2016 through Deceber 31, 2019 . At December 31,2019 it had earnings & profits of $100,000. Josie
Josie Inc was a C Corporation from January1, 2016 through Deceber 31, 2019 . At December 31,2019 it had earnings & profits of $100,000. Josie Inc made an S Corporation election on January 1, 2020. During 2020 , Josie Inc sold inventory to customers for $ 2,000,000 and had interest income of $1,000,000 . Josie Inc incurred $100,000 of expenses related to earning the interest income and $800,000 of expenses related to its sale of inventory. amount of excess net passive income tax does Josie Inc pay in 2020?
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