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How much is the built-in gains tax

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Reference no: EM131932433

Question - Beach Corporation elected S status for the current year. Beach owned some land at the beginning of the year, and at that time the land had a fair market value of $610,000. Beach had taxable income of $400,000 for the year. During the year Beach sold the land (sale price = $620,000, basis = $200,000) for a gain of $420,000. How much is the built-in gains tax?

Reference no: EM131932433

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