Kite Corporation, a C corporation, made an S election June 3…
Questions
Kite Cоrpоrаtiоn, а C corporаtion, made an S election June 30 of last year. In the current year, because of the election, Kite is an S Corporation. The net unrealized built-in gains at the beginning of the current year are $300,000. The net recognized built-in gains in the current year are $110,000. What is Kite's built-in gains tax for the current year?