Required information [The following information applies to the questions displayed below) Virginia Corporation is a calendar-year corporation. At the beginning of 2020, its election to be taxed as an S corporation became effective Virginia Corp's balance sheet at the end of 2019 reflected the following assets (it did not have any earnings and profits from its prior years as a C corporation). Asset Cash Accounts receivable Inventory Land Totals Adjusted Basis FMV $ 20,750 $ 20,758 40.900 40,900 91,659 203,150 156,000 181,600 $399,300 $ 446,400 In 2020, Virginia Corp. reported business income of $51,500 (this would have been its taxable income if it were still ac corporation) During 2020, Virginia Corp sold inventory it owned at the beginning of the year for $101,950. The basis of the inventory sold was $56.350, What is Virginia's built-in gains tax in each of the following alternative scenarios? a. What is its built-in cains tax in 20202 Required information Accounts receivable Inventory Land Totals 40,900 40,900 91,650 203,150 156.000 181,600 $309,300 $ 446,400 In 2020, Virginia Corp.reported business income of $51,500 (this would have been its taxable income if it were still a C corporation) During 2020, Virginia Corp. sold inventory it owned at the beginning of the year for $101,950. The basis of the inventory sold was $56,350 What is Virginia's built-in gains tax in each of the following alternative scenarios? a. What is its built-in gains tax in 2020? Built-in gains tax In 2020, Virginia Corp. reported business income of $51.500 (this would have been its taxable income if it were still a C corporation) During 2020, Virginia Corp. sold inventory it owned at the beginning of the year for $101.950. The basis of the inventory sold was $56,350 What is Virginia's built-in gains tax in each of the following alternative scenarios? b. Assume the original facts except Virginia Corp had a net operating loss carryover of $24,600 from its time as a C corporation Built-in gains tax In 2020, Virginia Corp. reported business income of $51.500 (this would have been its taxable income if it were still a C corporation) During 2020. Virginia Corp. sold inventory it owned at the beginning of the year for $101950. The basis of the inventory sold was $56,350. What is Virginia's built-in gains tax in each of the following alternative scenarios? c. Assume the original facts except Virginia Corp. is a C corporation and its taxable income was $1.800. Built-in gains tax