Delta Corporation formed 15 years ago. In its first year, it elected to use the cash method of accounting and adopted a calendar yoar as its tax year. It made an S election on August 15 of last year, offective for Delta's current tax year. At the beginning of the current year, Delta had assets with a $490,000FMV and a $150,000 adjusted basis. During the current year, Delia reports taxable income of $420.000. 1. (Click the icon to view additional information.) Requirement What is the amount of Delta's buititin gains tax liability? More info - In the current year, Delta collects al $260,000 of accounts receivables outstanding on January 1 of the current year. The receivables had a zoro adjusted basis. - On February 1, Delta sells an automobile for $3,400. The automobile had a $1,400 adjusted basis and a \$2,900 FMV on Januacy 1 of the current year. Della claimed $300 of MACRS depreciation on the automobile in the current year. - On March 1, Delta selis land (a Sec, 1231 asset) that it held three years in anticipation of building its own office building for a $37,000gain. The land had a $40,000 FMV and a $21,000 adjusted basis on January 1 of the current yeur. - In the current year. Delta paid $128,000 of accounts payoble cutstanding on January 1 of the current year. All the payubles are deductble expenses: Allocable depreciation Collection of accounts receivable Current year taxable income Distributive share of income Payment of accounts payable Sale of automobile Sale of land Recognized built-in gains