10. (6 points) The Lee Corporation, a C corporation, decides to elect S corporation status, effective January 1, 2019. The Lee Corporation is 100% owned by Alex Rubin. Lee has 1 asset as of January 1, 2019: equipment with a fair market value of $100,000, basis $20,000. Lee Corp sells the equipment at the end of 2019 for $140,000. a) How much does Lee owe on the sale? b) What is Alex's taxable income with regard to the sale