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A cash basis calendar year C corporation in Athens, Georgia, had $100,000 of accounts receivable on the date of its conversion to an S corporation on February 14. By the end of the year, $60,000 of these receivables had been collected. find out any built-in gains tax, assuming that there is sufficient taxable income.

a. $0.

b. $21,000.

c. $28,000.

d. $35,000.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M975388

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