48. LO.10 Rodeo, Inc., a cash basis S corporation in College Station, Texas, formerly was a C corporation. Rodeo has the following assets and liabilities on January 1, 2011, the date the S election is made. Adjusted Basis Fair Market Value Cash $ 200,000 $ 200,000 Accounts receivable 0 105,000 Equipment 110,000 100,000 Land 1,800,000 2,500,000 Accounts payable 0 110,000 During 2011, Rodeo collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and taxable income for the year is $590,000. What is Rodeos built-in gains tax