Lockhart Corporation is a calendar-year corporation. At the beginning of 2013, its election to be taxed as an S corporation became effective. Lockhart Corp.’s balance sheet at the end of 2012 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation):AssetAdjusted BasisFMVCash$?35,000$?35,000Accounts receivable?? 25,000??25,000Inventory?180,000? 210,000Land? 125,000? 120,000Totals$365,000$390,000Lockhart’s business income for the year was $65,000 (this would have been its taxable income if it were a C corporation).During 2013, Lockhart sold all of the inventory it owned at the beginning of the year for $250,000. What is its built-in gains tax in 2013? Be sure to show your work.Assume the same facts as in part (1), except that if Lockhart were a C corporation, its taxable income would have been $17,000. What is its built-in gains tax in 2013? Be sure to show your work.Assume the original facts except the land was valued at $115,000 instead of $120,000. What is Lockhart’s built-in gains tax in 2013?
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