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Homework answers / question archive / A C corporation elected S corporation status during the current year
A C corporation elected S corporation status during the current year. On the date that the election became effective, the entity had various assets with fair values that exceeded their adjusted bases. The entity is trying to determine the amount of its net unrealized built-in gain. Which code section, subsection, and paragraph defines the term net unrealized built-in gain?
Enter your response in the answer fields below. Guidance on correctly structuring your response appears above and below the answer fields.
Type the section here.
Examples of Correctly formatted sections are shown below.
IRC §: ( ) ( )
Examples of correctly formatted IRC-2 responses are IRC-2§1(a)(1), IRC§56(a)(1), IRC§25A(a)(1), IRC§162(a)(1), IRC§263A(a)(1), IRC§1245(a)(1), IRC§2032A(a)(1) and IRC§1400Z-1(a)(1).
