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Required information [The following information applies to the questions displayed below.) Virginia Corporation is a calendar-year corporation. At the beginning of 2019, its election to

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Required information [The following information applies to the questions displayed below.) Virginia Corporation is a calendar-year corporation. At the beginning of 2019, its election to be taxed as an S corporation became effective. Virginia Corp.'s balance sheet at the end of 2018 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 $ 24,000 $ 24,000 44,800 44,800 98,800 216,800 182,000 210,200 $349,600 $ 495,800 In 2019, Virginia Corp. reported business income of $58,000 (this would have been its taxable income if it were still a C corporation) a. During 2019, Virginia Corp. sold inventory it owned at the beginning of the year for $110,400. The basis of the inventory sold was $62.200. What is Virginia's built-in gains tax on the sale of the inventory in 2019? Built-in gains tax

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