Grande Corp has been a calendar year C corp since inception in Blank land with an adjusted basis of $12 and a fair market value of $100. On February 1 of the current year Piccolo, Grandes sole shareholder, makes a valid election for Grande to be an S Corp for the current year. On March 1 Grande sells the land for $100

Will Grande have to pay tax on the gain on the sale of the land? Explain

Would the answer change if Grande sold the land 10 years later?