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Mock Corporation converts to S corporation status in 2013. Mock used the LIFO inventory method in 2012 and had a LIFO inventory of $435,000 (FIFO
Mock Corporation converts to S corporation status in 2013. Mock used the LIFO inventory method in 2012 and had a LIFO inventory of $435,000 (FIFO value of $550,000) on the date of the S election. How much tax must be added to Mock's 2012 corporate tax liability, assuming that Mock is subject to a 35% tax rate
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