Clampett, Inc

question 125

Multiple Choice

Clampett, Inc., converted to an S corporation on January 1, 2019.At that time, Clampett, Inc., had cash ($40,000) , inventory (FMV $60,000, basis $30,000) , accounts receivable (FMV $40,000, basis $40,000) , and equipment (FMV $60,000, basis $80,000) .In 2020, Clampett, Inc., sells its entire inventory for $60,000 (basis $30,000) .Assume the corporate tax rate is 21 percent and that Clampett Inc.'s taxable income would have been a $50,000 loss in 2020 if it had been a C corporation.In 2021, Clampett, Inc.'s taxable income would have been $100,000 if it had been a C corporation.How much built-in gains tax does Clampett, Inc., pay in 2020? In 2021?

• A)$10,500 in 2020; $0 in 2021.
• B)$2,100 in 2020; $0 in 2021.
• C)$0 in 2020; $0 in 2021.
• D)$0 in 2020; $10,500 in 2021.
• E)None of the choices are correct.

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Definitions:

Committee Of Employees

A group of workers selected or elected to represent the interests of their colleagues, often in discussions with management or in union activities.

Labor Union

An organization of workers formed to protect and advance their rights and interests through collective bargaining with employers.

Critical Industrial Relations

An analytical approach to industrial relations, emphasizing the power dynamics and conflicts between employers and employees, and advocating for transformative changes.

Conflict Over Profits

Disagreements among stakeholders (such as employees, management, and investors) regarding the distribution of an organization's earnings.