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Clampett, Inc. converted to an S corporation on January 1,2011. At that time, Clampett, Inc....

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Accounting

Clampett, Inc. converted to an S corporation on January 1,2011. At that time, Clampett, Inc. had cash ($40,000), inventory (FMV $60,000, Basis $30,000), accounts receivable (FMV $40,000, Basis $40,000), and equipment (FMV $60,000, Basis $80,000). In 2012, Clampett, Inc. sells its entire inventory for $60,000(Basis $30,000). Assuming the corporate tax rate is 35%. How much built-in gains tax does Clampett, Inc. pay in 2012?

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