Business, 04.07.2020 22:01 domiyisthom

Clampett, Inc., converted to an S corporation on January 1, 2019. At that time, Clampett, Inc., had cash ($34,000), inventory (FMV $54,000, basis $18,000), accounts receivable (FMV $34,000, basis $34,000), and equipment (FMV $54,000, basis $74,000). In 2020, Clampett, Inc., sells its entire inventory for $54,000 (basis $18,000). Assume the corporate tax rate is 21 percent. Clampett, Inc.'s taxable income in 2020 would have been $1,000,000 if it had been a C corporation. How much built-in gains tax does Clampett, Inc., pay in 2020

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Clampett, Inc., converted to an S corporation on January 1, 2019. At that time, Clampett, Inc., had...

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