Question: Exercise 22-14 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a basis of $372,800 and a fair market value of

Exercise 22-14 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns

Exercise 22-14 (Algorithmic) (LO. 10) Matulis, Inc., a C corporation, owns a single asset with a basis of $372,800 and a fair market value of $894,720. Matulis elects s corporation status. Matulis holds a positive E & P balance. The entity elects 5 corporation status for 2021 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. 61,587 X S

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