Chapter 12 Homework Problem 12-20 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a basis of $465,600 and a fair market value of $1,117,440. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2022 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. If required, round your answer to the nearest dollar. 514,954 X Feedback Check My Work Normally, an S corporation does not pay an income tax, because all items flow through to the shareholders. But an S corpo previously a C corporation may be required to pay a built-in gains tax, LIFO recapture tax, general business credit recaptur investment income tax