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 $ 26,000 $ 26,000 47,200 47,200 103, 200 225, 200 198,000 227,800 $374,400 $526, 200 In 2020, Virginia Corp. reported business income of $62,000 (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 $115,600. The basis of the inventory sold was $65,800. 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 b. Assume the original facts except Virginia Corp. had a net operating loss carryover of $28,800 from its time as a C corporation. Built-in gains tax c. Assume the original facts except Virginia Corp. is a C corporation, and its taxable income was $3,900. Built-in gains tax