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Advent Corporation converts to S corporation status for this year. Lent had been using the LIFO inventory method and held a LIFO inventory value of
Advent Corporation converts to S corporation status for this year. 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, assuming that Advent is subject to a 35% tax rate?
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