Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. clampett, incorporated, converted to an s corporat

Clampett, Incorporated, converted to an S corporation on January 1, 2022. At that time, Clampett,...

70.2K

Verified Solution

Question

Accounting

Clampett, Incorporated, converted to an S corporation on January 1, 2022. At that time, Clampett, Incorporated, had cash ($46,000), inventory (FMV $66,000, basis $33,000), accounts receivable (FMV $46,000, basis $46,000), and equipment (FMV $66,000, basis $86,000). In 2023, Clampett, Incorporated, sells its entire inventory for $66,000 (basis $33,000). Assume the corporate tax rate is 21 percent. Clampett, Incorporated's taxable income in 2023 would have been $1,000,000 if it had been a C corporation. How much built in gains tax does Clampett, Incorporated, pay in 2023?

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

On June 1, 2018, a customer made a purchase of $40,000 of merchandise. The customer signed...

Accounting
Q

Please give some solid examples of Costco's lean management strategy

Operations Management
Q

A summary on \"A Jury of Her Peers\", by Susan Glaspell with . First paragraph: Begin...

Psychology
Q

1. a) How did the concept of self-actualization evolve with humanistic psychology? b) Why are Bühler, Kohlberg,...

Psychology
Q

The process of generating ATP using a proton gradient is referred to as a water...

Biology
Q

Use the table below to answer the question Name Enterobacteria phage Escherichia coli Streptococcus pyogenes...

Biology
Q

Determine the exact values of sin and cosgiven that the terminal side of angleintersects4the unit...

Basic Math
Q

Let F 2zi j yk Compute V x F j 03 01 00

Calculus
Q

y2 x 1 ysSx 5 L ysx 7 o 2 Q Drag each graph given...

Algebra
Q

Question 5 Toney Ltd Balance Sheets as at December 31, 2016 and December 31, 2015...

Accounting
Q

The Teal Company fabrica hilos de tela personalizados por pedido. El trabajo 450 es un...

Accounting
Q

Amortization expense is * O relevant to short-term decisions because it is a variable cost...

Accounting