Reference no: EM132354526
Question
Alomar, a cash basis S corporation in Orlando, Florida, holds the following assets and liabilities on January 1, 2019, the date the S election is made.
Adjusted Basis Fair Market Value
Cash $ 200,000 $ 200,000
Accounts receivable -0- 105,000
Equipment 110,000 100,000
Land 1,800,000 2,500,000
Accounts payable -0- 110,000
During the year, Alomar collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and the taxable income for the year is $590,000. Calculate any built-in gains tax.
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: During the year, Alomar collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and the taxable income.
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