Apple,Inc,A Cash Basis S Corporation in Orange,Texas,formerly Was a C

question 1

Multiple Choice

Apple,Inc.,a cash basis S corporation in Orange,Texas,formerly was a C corporation.Apple has the following assets and liabilities on January 1,2008,the date the S election is made.

During 2008,Apple collects the accounts receivable and pays the accounts payable.The land is sold for $3 million,and taxable income for the year is $590,000.What is Apple's built-in gains tax?

• A)$0.
• B)$206,500.
• C)$590,000.
• D)$695,000.
• E)Some other amount.

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Definitions:

Early Childhood Experiences

Early childhood experiences encompass various events, interactions, and environments a child is exposed to from birth up until around the age of eight, which significantly influence cognitive, emotional, and social development.

Within-Family Difference

Refers to variations or disparities in traits, behaviors, or outcomes observed among members of the same family.

Child-Rearing Attitudes

The perspectives or approaches that parents and caregivers adopt in the upbringing of children.

Birth Order

The chronological order of sibling births, which is theorized to influence personality and behavior.