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

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92751601

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