Lent Corporation Converts to S Corporation Status in 2018

question 101

Multiple Choice

Lent Corporation converts to S corporation status in 2018. Lent had been using the LIFO inventory method and held a LIFO inventory value of $510,000 (FIFO value of $650,000) . How much tax must be added to the C corporation tax liability for the year before the S election in 2019.

• A) $0.
• B) $7,350.
• C) $29,400.
• D) $140,000.

---

Definitions:

Gender

Relates to the social, cultural, and psychological traits and behaviors associated with being male, female, or non-binary.

Leadership

The act of guiding, directing, and influencing the behavior of individuals and groups towards achieving a common goal.

Female Gender Role

Cultural and societal expectations and norms regarding behaviors, attitudes, and attributes that are considered appropriate for women and girls.

Workplace Pipeline

A concept that refers to the flow of employees through a company, from entry-level positions to higher levels of responsibility and leadership.