Multiple Choice
Yates Corporation elects S status,effective for current calendar tax year.Yates' only asset has a basis of $50,200 and a fair market value of $110,400 as of January 1.The asset is sold at the end of the year for $130,800.What amount must Mark Farris,a 60% owner and subject to a 15% income tax rate,pay,if any?
A) $5,358
B) $12,642
C) $21,070
D) $35,718
Correct Answer:
Verified
Correct Answer:
Verified
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