Required information [The following information applies to the questions displayed below.] 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): Cash Asset Accounts receivable Inventory Land Totals Adjusted Basis $ 31,500 46,900 206,000 196,000 FMV $ 31,500 46,900 269,000 143,000 $ 480,400 $ 490,400 Tempe Corporation's business income for the year was $51,500 (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 $302,000. a. What is its built-in gains tax in 2022? Built-in gains tax