Reference no: EM133029331
Question - Blue Corp. previously operated as a C corporation. At the beginning of 2020, Blue Corp. made a valid S corporation election. At the time of the election, Blue Corp. had accumulated E&P of $20,000 and also owned the following assets:
-Land A: FMV = $100,000, AB = $50,000
-Land B: FMV = $100,000, AB = $105,000
-Land C: FMV = $100,000, AB = $5,000
-Land D: FMV = $100,000, AB = $200,000
Required -
1. If Blue Corp. sells Land A for $130,000 and Land B for $100,000 in 2020, what is the amount of Blue Corp.'s built-in gain tax liability?
2. If Blue Corp. sells Land A for $130,000 and Land B for $100,000 in 2020, what is the total amount of gain from the sale of Land A and Land B that is allocated to Blue Corp.'s shareholder(s)?
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