Golden Gate Corporation, a C corp, makes an S corp election as of January 1, 2023. Its opening balance sheet shows the following assets and liabilities: In 000's Fair market value Adjusted basis Cash 5,000 5,000 Accounts receivable from services 10,000 0 Inventory 45,000 30,000 Equipment 10,000 15,000 Goodwill 30,000 0 Total assets 100,000 50,000 Liabilities 25,000 25,000 Net assets 75,000 25,000 As of the end of 2022, the corporation had an NOL carryover of 5,000. In 2023, the corporation has taxable income as follows: Gross profit on sale of inventory held on January 1 15,000 Gross profit on sale of inventory purchased during 2023 30,000 Loss on sale of equipment owned on January 1 (5,000) Income from collection of receivables 10,000 Expenses deducted (35,000) Taxable income 15,000 HOW MUCH IS GOLDEN GATES'S BUILT-IN GAINS TAX FOR 2023, IF ANY? CITE AUTHORITY AND SHOW YOUR CALCULATIONS. VidGrid