c. During 2022, Virginia Corporation sold inventory it owned at the beginning of the year for $103,250. Assume the original facts except Virginia Corporation is a C corporation, and its taxable income was $2,000.

Required information [The following information applies to the questions displayed below.] Virginia Corporation is a calendar-year corporation. At the beginning of 2022 , its election to be taxed as an S corporation became effective. Virginia Corporation's balance sheet at the end of 2021 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation). In 2022, Virginia Corporation reported business income of $52,500 (this would have been its taxable income if it were still a C corporation). What is Virginia's built-in gains tax in each of the following alternative scenarios? During 2022, Virginia Corporation sold inventory it owned at the beginning of the year for $103,250. Assume the original facts xcept Virginia Corporation had a net operating loss carryover of $25,000 from its time as a C corporation