TyroneCo, an S corporation, reports gross receipts for the year totaling $400,000 (of which $200,000 is passive investment income). Expenditures directly connected to the production of the passive investment income total of $80,000.
Tyrone’s passive investment income tax is ______.

Passive investment income is income from the investments in which investor is not actively involved, like real estate investments, loans or dividends. Since income in this case is 200.000$ and expenditures connected to that income are 80.000$, taxable passive income is therefore 120.000$

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TyroneCo, an S corporation, reports gross receipts for the year totaling $400,000 (of which $200,000 is passive investment income). Expenditures directly connected to the production of the passive investment income total of $80,000. Tyrone’s passive investment income tax is ______.

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TyroneCo, an S corporation, reports gross receipts for the year totaling $400,000 (of which $200,000 is passive investment income). Expenditures directly connected to the production of the passive investment income total of $80,000.
Tyrone’s passive investment income tax is ______.