Built -in Gains Tax- Taxation of Corporations

Theta Corporation formed 15 years ago. In its first year, it elected to use the cash method of accounting and adopted a calendar year as its tax year. It made an S election on August 15 of last year, effective for Thetas current tax year. At the beginning of the current year, Theta had assets with a $600,000 FMV and an $180,000 adjusted basis. During the current year, Theta reports taxable income of $400,000.

-In the current year Theta collects all $200,000 of accounts receviables outstanding on January 1 of the current year. The receviables had a zero adjusted basis.

-On Febuary 1 Theta sells an automobile for $3500. The automobile had a $2,000 adjusted basis and a $3000 FMV on January 1 of the current year. Theta claied $800 of MACRS deprfeciation on the automobile in the current year.

-On March 1, Theta sells land (a Sec 1231 asset) tat it held for three years in anticipation of building its own office building for a $35,000 gain. The land had a $45,000 FMV and a $25,000 adjusted basis on January 1 of the current year.

-In the current year, Theta paid $125,000 of accounts payabl outstanding on January 1 of the current year. All the payables are deductible expenses.

What is the amount of Thetas built in gains tax liability?