Fenton Venetian Blinds, Inc. elected S status in the current year. While Fenton was a C corporation, it valued its inventory using the LIFO method. On the day before the effective date of its S election, the LIFO value of its inventory was $75,000. If it had used FIFO to value its inventory, its inventory would have been valued at $125,000. Prior to making this valuation of its inventory, the corporation had determined that its taxable income was $350,000.

How much additional tax will the corporation have to pay for its last year as a C corporation?