On 12/31/2022, the Company sold interest in the Land used in the trade or business for $1,202,000 Cash. The basis of the land was $2,000 purchased on 1/1/2018. No estimated tax payments have been made.

additional info:

Interest income $ 200,000

Gross sales receipts 2,610,000

Beginning inventory 9,607

Direct labor (203,102)

Direct materials purchased (278,143)

Direct other costs (249,356)

Ending inventory 3,467

Salaries and wages (442,103)

Officers salaries ($100,000 each to Jones and Ryan) (200,000)

Repairs (206,106)

Depreciation expense, tax and book (assume Bonus Depreciation-Section 168(k)) (15,254)

Interest expense (35,222)

Rent expense (operating) (40,000)

Taxes (65,101)

Charitable contributions (cash) (40,000)

Advertising expenses (30,000)

Payroll penalties (15,000)

Other deductions (59,899)

Net Unrealized Built-In Gain-Land @12/31/2021 900,000

QUESTION: How would I capture that for tax purposes? an explanation would be awesome as well :)