Required information [The following information applies to the questions displayed below.] Until the end of year O, Magic Carpets (MC) was a C corporation with a calendar year. At the beginning of year 1, it elected to be taxed as an S corporation. MC uses the LIFO method to value its inventory. At the end of year 0, under the LIFO method, its inventory of rugs was valued at $150,000. Under the FIFO method, the rugs would have been valued at $170,000. How much LIFO recapture tax must MC pay, and what is the due date of the first payment under the following alternative scenarios? a. MC's regular taxable income in year O was $65,000. LIFO recapture tax per installment $ Due date of first installment 03/15/Y1 30