please show workings and explanation

8. Alomar, a cash basis S corporation in Orlando, Florida, holds the following assets and liabilities on January 1, 2019, the date the Selection is made. Adjusted Basis Fair Market Value Cash $ 200,000 $ 200,000 Accounts receivable -0- 125,000 Equipment 110,000 90,000 Land 1,600,000 2,500,000 Accounts payable -0 110,000 During the year, Alomar collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and the taxable income for the year is $990,000. Calculate any built-in gains tax