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What is the built-in gains tax liability

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Question - An S corporation in Lawrence, Kansas has a recognized built-in gain of $110,000 and taxable income of $98,000. The company has an $8,000 NOL carry forward from a C corporation year and a $9,000 business credit carry forward from a C corporation year. What is the built-in gains tax liability?

Reference no: EM131928426

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