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What is rodeo built-in gains tax

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Reference no: EM131828877

Question - Rodeo, Inc., a cash basis S corporation in College Station, Texas, formerly was a C corporation. Rodeo has the following assets and liabilities on January 1, 2011, 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 2011, Rodeo collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and taxable income for the year is $590,000. What is Rodeo's built-in gains tax?

Reference no: EM131828877

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