Basil, Inc, a C corporation makes an S election which is effective beginning January 1, 2018. Basil is a calendar year entity reporting as an accrual basis taxpayer. On January 1, 2018, Basil had the following property:

Asset Fair Market Value Adjusted Tax Basis Built-In Gain

Cash $200,000 $200,000 $0

Unrealized Receivables $115,000 $0 $0*

Real Property #1 $230,000 $100,000 $130,000

Real Property #2 $520,000 $350,000 $170,000

Total $1,065,000 $650,000 $300,000

*This is an accrual basis taxpayer so the revenue from the unrealized receivables was recognized when the business was a C corporation

Calculate the Built-In Gains Tax assuming the tax rate is 21%