Mock Corporation converts to S corporation status in 2020. Mock used the LIFO inventory method in 2019
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Mock Corporation converts to S corporation status in 2020. Mock used the LIFO inventory method in 2019 and had LIFO inventory of $435,000 (FIFO value of $550,000) on the date of the S election.
How much tax should be added to Mock's 2019 corporate tax liability, assuming Mock is subject to a 21% tax rate.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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