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Matulis, Inc., a C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matulis elects S corporation

Matulis, Inc., a C corporation, owns a single asset with a basis of $325,000 and a fair market value of $800,000. Matulis elects S corporation status. Matulis holds a positive E & P balance. The entity elects S corporation status for 2019 and then sells the asset. Compute the corporate-level built-in gains tax that must be paid by Matulis.

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