07 Jan Sapphire, Inc. is a C corporation and has the foll
Sapphire, Inc. is a C corporation and has the following assets:Cash: Basis $30,000, FMV $30,000Accounts receivable: Basis $10,000, FMV $10,000Inventory (FIFO): Basis $20,000, FMV $25,000Land: Basis $45,000, FMV $60,000Rather than liquidating Sapphire, Inc., Joshua and George elect S corporation status for corporation. Peach subsequently sells the inventory for $24,000, the land for $90,000 and collects the accounts receivable in the following year. If Sapphire, Inc. had remained a C corporation, its taxable income the following year would have been $16,000.a) Determine the tax consequences of the S corporation election on Sapphire, Inc.b) Determine the tax consequences of the sale of the land and inventory and the collection of the accounts receivable on Sapphire Inc., Joshua, and George
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