|
Title: Worthy Corporation elected to be taxed as an S corporation on January 1, of last year, effective ... Post by: Sheena Maskell on Jan 11, 2017 Worthy Corporation elected to be taxed as an S corporation on January 1, of last year, effective last year. On that date, Worthy had land with a $70,000 basis and a $210,000 FMV. No net unrealized losses exist on the date of the S corporation election. The land is sold this year for $250,000. The tax result of the sale by Worthy is
A) no gain or loss recognized. B) a Sec. 1231 gain of $180,000, none of which is subject to the built-in gains tax. C) a Sec. 1231 gain of $180,000, all of which is subject to the built-in gains tax. D) a gain of $140,000 subject to the built-in gains tax and a $40,000 gain subject to regular S-corporation pass-through rules. Title: Re: Worthy Corporation elected to be taxed as an S corporation on January 1, of last year, effective ... Post by: MsLippy on Jan 11, 2017 Content hidden
Title: Re: Worthy Corporation elected to be taxed as an S corporation on January 1, of last year, effective ... Post by: Sheena Maskell on Mar 20, 2017 I took a chance with your answer
It was right |