here is another one
mattan10.
(TCOs 1 and 10) Apple, Inc. a cash basis S corporation in Orange, Texas, formerly was a C corporation. Apple has the following assets and liabilities on January 1, 2010, the date the S election is made:
Adjusted Basis | Fair Market Value | |
Cash | $200,000 | $200,000 |
Accounts receivable | -0- | $105,000 |
Equipment | $110,000 | $100,000 |
Land | $1,800,000 | $2,500,000 |
Accounts payable | -0- | $110,000 |
During 2010, Apple collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and taxable income for the year is $590,000. What is Apple's built-in gains tax?
(Points : 5)
11 years ago
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