PROBLEM G
10 POINTS
TARGET COMPANY, AN S CORPORATION WITH A POSITIVE E AND P BALANCE
REPORTS GROSS RECEIPTS FOR THE YEAR TOTALLING $ 400,000.00 (OF WHICH
$ 200,000 IS PII). EXPENDITURES DIRECTLY CONNECTED TO THE PRODUCTION
OF PII TOTALS $ 80,000. COMPUTE TARGET COMPANY'S PII TAX?