Matulis, Inc., a C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2021 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis
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Ответ:
$101969.7
Explanation:
Beginning inventory = $190,000
Total sales = $500,000
Purchases = $215,000
Goods available for sale = Beginning inventory + purchases = $(190,000 + 215,000) = $405,000
Cost of goods sold = 500,000 / (100 + markup) %
500,000 / 165% = 303030.30
Goods available for sale - Cost of goods sold =
$405,000 - $303030.30 = $101969.7