Yates Corporation elects S status, effective for calendar year 2013. Yates' only asset has basis of $50,200 and a fair market value of $110,400 as of January 1, 2013. The asset is sold at the end of 2013 for $130,800. What amount must Mark Ferris, a 100% owner pay tax on, if any for 2013?
Paper#5059 | Written in 18-Jul-2015Price : $25