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Clampett, Incorporated, converted to an S corporation on January 1, 2021. At that time, Clampett,...

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Accounting

Clampett, Incorporated, converted to an S corporation on January 1, 2021. At that time, Clampett, Incorporated, had cash ($40,000), inventory (FMV $60,000, basis $30,000), accounts receivable (FMV $40,000, basis $40,000), and equipment (FMV $60,000, basis $80,000). What is Clampett, Incorporated's built-in gain or loss on January 1, 2021?

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