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Grande Corp has been a calendar year C corp since inception in Blank land with an adjusted basis of $12 and a fair market value
Grande Corp has been a calendar year C corp since inception in Blank land with an adjusted basis of $12 and a fair market value of $100. On February 1 of the current year Piccolo, Grandes sole shareholder, makes a valid election for Grande to be an S Corp for the current year. On March 1 Grande sells the land for $100 Will Grande have to pay tax on the gain on the sale of the land? Explain Would the answer change if Grande sold the land 10 years later?
Grande Corp has been a calendar year C corp since inception in Blank land with an adjusted basis of $12 and a fair market value of $100. On February 1 of the current year Piccolo, Grandes sole shareholder, makes a valid election for Grande to be an S Corp for the current year. On March 1 Grande sells the land for $100
Will Grande have to pay tax on the gain on the sale of the land? Explain
Would the answer change if Grande sold the land 10 years later?
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The Solitary Auditor
Authors: Michael Knapp
1st Edition
161163878X, 978-1611638783
