please

1. Tempe Corporation is a calendar-year corporation. At the beginning of 2022, its election to be taxed as an S corporation became effective. Tempe Corporation's balance sheet at the end of 2021 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation): Asset Adjusted Basis FMV Cash $ 24,000 $ 24,000 Accounts receivable 42,400 42,400 Inventory 176,000 224,000 Land 166,000 128,000 Totals $ 408,400 $ 418,400 Tempe Corporation's business income for the year was $44,000 (this would have been its taxable income if it were a C corporation). During 2022, Tempe Corporation sold all of the inventory it owned at the beginning of the year for $242,000.

a. What is its built-in gains tax in 2022?

2. Alabama Corporation, an S corporation, liquidates this year by distributing a parcel of land to its sole shareholder, Mark Ingram. The fair market value of the parcel is $67,000, and its tax basis is $42,000. Mark's basis in his stock is $34,000.

d. Assume the fair market value of the land is $30,000 rather than $67,000. How much gain must Mark recognize (if any) as a result of the distribution, and what is his basis in the land?