Matulis, Inc., a C corporation, owns a single asset with a basis of $363,200 and...
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Matulis, Inc., a C corporation, owns a single asset with a basis of $363,200 and a fair market value of $871,680. Matulis elects 5 corporation status. Matulis holds a positive E \& P balance. The entity elects S corporation status for 2020 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis. If required, round your answer to the nearest dollar
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