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In general, an S corporation that has previously been a C corporation may have federal tax liability at the S corporation level due to a.
In general, an S corporation that has previously been a C corporation may have federal tax liability at the S corporation level due to
a. built-in gains only
b. excess net passive investment income only
c. neither excess net passive investment income nor built-in gains
d. both excess net passive investment income and built-in gains
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