An S corporation converted from a C corporation in 20X2 has the following: Built-in gains...
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Accounting
An S corporation converted from a C corporation in 20X2 has the following: Built-in gains of $20,000 Taxable income, computed as if the corporation were a C corporation of $30,000 What is the built-in gains tax?
A. $3,000
B. $4,500
C. $7,000
D. $10,500
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