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highlight answer please! Clampett,Inc. converted to an S corporation on January 1,2018. At January 1, 2018. At that time, Clampett,Inc. had cash ($52,000), inventory (FMV
highlight answer please! Clampett,Inc. converted to an S corporation on January 1,2018. At January 1, 2018. At that time, Clampett,Inc. had cash ($52,000), inventory (FMV $72,000, Basis $36,000), Inc. had ca accounts receivable (FMV $52,000, Basis $52,000), and equipment (FMV $72,000, Basis $92,000, In 2019, Clampet $72,000 (Basis S 36,000). Assuming the corporate tax rate is 21%, Clampett, Inc.'s taxable income in 2 Inc.sells its entire inventory for corporation. How much built-in gains tax does Clampet, Inc. pay in 20197 Multiple Choice None of the choices are correct $16.000 $7560 so. $3,360
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