Old McDonalds, Inc., a farm corporation, was incorporated as a C corporation on January 1, 1993. On January 1, 2015, the corporation made an election to be treated as an S corporation beginning in tax year 2015. At the time of the election, the corporations assets included 1,000 acres of unimproved farmland having a cost basis $2,250,000 and a fair market value of $7,000,000. A real estate developer has approached the shareholders with an offer to purchase the land in 2019 for a price of $10,000,000. What amount of sale would be taxed?