Check my w Required information (The following information applies to the questions displayed below.) Part 1 of 3 Virginia Corporation is a calendar-year corporation. At the beginning of 2019, its election to be taxed as an S corporation became effective. Virginia Corp.'s balance sheet at the end of 2018 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation). points eBook Asset Cash Accounts receivable Inventory Land Totals Adjusted Basis FMV $ 25,500 $ 25,500 46,600 46,600 102,100 223, 100 194,000 223, 400 $368,200 $518,600 Print References In 2019, Virginia Corp. reported business income of $61,000 (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? a. During 2019, Virginia Corp. sold inventory it owned at the beginning of the year for $114,300. The basis of the inventory sold was $64,900. Built-in gains tax b. During 2019, Virginia Corp. sold inventory it owned at the beginning of the year for $114,300. The basis of the inventory sold was $64,900. Also, assume Virginia Corp. had a net operating loss carryover of $28,400 from its time as a C corporation. Built-in gains tax c. During 2019, Virginia Corp. sold inventory it owned at the beginning of the year for $114,300. The basis of the inventory sold was $64,900. Also assume that instead of Virginia Corp. reporting business income of $61,000 as if it were a C corporation, its taxable income would have been $3,700. Built-in gains tax