Reference no: EM133184084
Question - Able, Incorporated, converted to an S corporation on January 1, 2020. At that time, Able, Incorporated, had cash ($40,000), inventory (FMV $60,000, basis $30,000), accounts receivable (FMV $40,000, basis $40,000), and equipment (FMV $60,000, basis $80,000). In 2021, Able, Incorporated, sells its entire inventory for $60,000 (basis $30,000). Assume the corporate tax rate is 21 percent and that Able, Incorporated, had a $20,000 net operating loss carryover from its prior C corporation years. How much built-in gains tax does Able, Incorporated, pay in 2021?
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