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Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.'s balance sheet at the end of 2012 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation):
Asset
Adjusted Basis
FMV
Cash
$?35,000
Accounts receivable
25,000
Inventory
180,000
210,000
Land
125,000
120,000
Totals
$365,000
$390,000
Lockhart's business income for the year was $65,000 (this would have been its taxable income if it were a C corporation).
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