discuss the taxation of S-Corporations, the recapture of benefit using the last-in, first-out (LIFO) inventory method of accounting upon the conversion to an S-Corporation

the s-corporation is a pass-through entity which is not generally subject to federal income taxes. there are instances when an S-corporation may be liable for certain corporate level tax liability. explain on the taxation of S-corporations, the recapture of benefit using the last-in, first-out (LIFO) inventory method of accounting upon the conversion of the S-corporation