Virginia Corporation is a calendar year corporation At the beginning of 2015, its election to be taxed as an S corporation became effective Virginia Corp 's balance sheet at the end of 2014 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporat...

a Virginias net unrealized builtin gain at the time it converted to an S corporation is 135000 11000 ...

Virginia Corporation is a calendar-year corporation. At the beginning of 2015, its election to be taxed as

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Virginia is a calendar-year At the beginning of 2015, its election to be taxed as an S became effective. Virginia Corp.'s at the end of 2014 reflected the following assets (it did not have any earnings and profits from its prior years as a C

In 2015, Virginia reported business income of $50,000 (this would have been its taxable income if it were still a C corporation). What is Virginia's built-in gains tax in each of the following alternative scenarios?
a) During 2015, Virginia sold inventory it owned at the beginning of the year for $100,000. The basis of the inventory sold was $55,000.
b) Assume the same facts as part (a), except Virginia had a net operating loss carryover of $24,000 from its time as a C corporation.
c) Assume the same facts as part (a), except that if Virginia were a C corporation, its taxable income would have been $1,500.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial... Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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Virginia Corporation is a calendar-year corporation. At the beginning of 2015, its election to be taxed as

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Taxation Of Individuals And Business Entities 2016

Virginia Corporation is a calendar-year corporation. At the beginning of 2015, its election to be taxed as

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Adjusted Basis $ 20,000 FMV Asset Cash Accounts receivable Inventory Land $ 20,000 40,000 200,000 90,000 150,000 175,000 Totals $435,000 $300,000

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Taxation Of Individuals And Business Entities 2016

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