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Compute the corporate-level built-in gains tax

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Question - Matulis, Inc., a C corporation, owns a single asset with a basis of $449,600 and a fair market value of $1,079,040. 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.

Reference no: EM133061154

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