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Matthew, Inc., a calendar year C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matthew holds a positive E&P balance. It elects S corporation status for 2017 and the sells the asset. Compute the corporate-level built in gains tax that must be paid by Matthew.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92751655

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