Question: A FORMER C CORP MAKES AN S CORP ELECTION EFFECTIVE 1/1/2024 THE CORPORATION SELLS PROPERTY 1 DETERMINE THE AMOUNT SUBJECT TO THE BUILT IN GAINS

A FORMER C CORP MAKES AN S CORP ELECTION EFFECTIVE 1/1/2024 THE CORPORATION SELLS PROPERTY 1 DETERMINE THE AMOUNT SUBJECT TO THE BUILT IN GAINS TAX Fair market value of all assets as of 1/1/2024 5,000 Adjusted basis of all assets as of 1/1/2024 1,500 Date Property 1 acquired 12/31/2022 Date Property 1 sold 7/1/2024 Sales price 7/1/2024 700 Fair market value as of 1/1/2024 700 Basis of Property 1 (all times) 500

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