Business, 07.09.2021 18:30 simplemickey123

Clampett, Inc., converted to an S corporation on January 1, 2019. At that time, Clampett, Inc., had cash ($31,000), inventory (FMV $51,000, basis $12,000), accounts receivable (FMV $31,000, basis $31,000), and equipment (FMV $51,000, basis $71,000). In 2020, Clampett, Inc., sells its entire inventory for $51,000 (basis $12,000). Assume the corporate tax rate is 21 percent. Clampett, Inc.'s taxable income in 2020 would have been $1,000,000 if it had been a C corporation. How much built-in gains tax does Clampett, Inc., pay in 2020

Answers: 2

Show answers

Other questions on the subject: Business

Business, 21.06.2019 19:20, justintisdale95

Which of the following areas provides residents with close access to high-paying jobs and cultural attractions? a. the suburbs b. exurbs c. rural areas d. the city 2b2t

Answers: 3

continue

Business, 22.06.2019 11:10, korban23

Post test question number 9 for entering the job market

Answers: 1

continue

Business, 22.06.2019 21:10, cece3467

Kinc. has provided the following data for the month of may: inventories: beginning ending work in process $ 17,000 $ 12,000 finished goods $ 46,000 $ 50,000 additional information: direct materials $ 57,000 direct labor cost $ 87,000 manufacturing overhead cost incurred $ 63,000 manufacturing overhead cost applied to work in process $ 61,000 any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. the adjusted cost of goods sold that appears on the income statement for may is:

Answers: 3

continue

Business, 22.06.2019 23:10, 401666

Mr. pines is considering buying a house and renting it to students. the yearly operating costs are $1,900. the house can be sold for $175,000 at the end of 10 years and it is considered 18% to be a suitable annual effective interest rate. if the house costs $100,000 to purchase, how much would you need to charge your tenants each year in rent? (assume a single payment for the years rent at the end of each year)

Answers: 1

continue

You know the right answer?

Clampett, Inc., converted to an S corporation on January 1, 2019. At that time, Clampett, Inc., had...