8. Calculate any built in gain tax?9. Calculate end stock basis?

8. Alomar, a cash basis S corporation in Orlando, Florida, holds the following assets and liabilities on January 1, 2019, the date the S election is made. Adjusted Basis Fair Market Value Cash $ 200,000 $ 200,000 Accounts receivable - 0- 125,000 Equipment 1 10,000 90,000 Land 1,600,000 2,500,000 Accounts payable 0- 110,000 During the year, Alomar collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and the taxable income for the year is $990,000. Calculate any built-in gains tax. 9. You are a 60% owner of an S corporation. Calculate your ending stock basis, based upon these facts. Beginning stock basis $52,600 Purchases of additional stock 15,000 Insurance premiums paid (nondeductible) 3,600 Tax-exempt interest income 5,230 Payroll tax penalty 3,770 Decrease in AAA 22,400 Decrease in OAA 5,800