Blue Corp. previously operated as a C corporation. At the beginning of 2020, Blue Corp. made a valid S corporation election. At the time of the election, Blue Corp. had accumulated E&P of $20,000 and also owned the following assets:

• Land A: FMV = $100,000, AB = $50,000
• Land B: FMV = $100,000, AB = $105,000
• Land C: FMV = $100,000, AB = $5,000
• Land D: FMV = $100,000, AB = $200,000

If Blue Corp. sells Land A for $130,000 and Land B for $100,000 in 2020, what is the amount of Blue Corp.'s built-in gain tax liability?

If Blue Corp. sells Land A for $130,000 and Land B for $100,000 in 2020, what is the total amount of gain from the sale of Land A and Land B that is allocated to Blue Corp.'s shareholder(s)?