Tempe Corporation is a calendar-year corporation. At the beginning of 2020, its election to be taxed as an S corporation became effective. Tempe 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 Adjusted Basis FMV $ 24,000 $ 24,000 42,400 42,400 176,000 224,000 166,000 128,000 $408,400 $ 418,400 Totals Tempe Corp.'s business income for the year was $44,000 (this would have been its taxable income if it were a C corporation). During 2020, Tempe Corp. sold all of the inventory it owned at the beginning of the year for $242,000. b. Assume the original facts except that if Tempe Corp. were a C corporation, its taxable income would have been $8,600. What is its built-in gains tax in 2020? Built-in gains tax C. Assume the original facts except the land was valued at $156,000 instead of $128,000. What is Tempe Corp.'s built-in gains tax in 2020? Built-in gains tax Tempe Corporation is a calendar-year corporation. At the beginning of 2020, its election to be taxed as an S corporation became effective. Tempe 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 Adjusted Basis FMV $ 24,000 $ 24,000 42,400 42,400 176,000 224,000 166,000 128,000 $408,400 $ 418,400 Totals Tempe Corp.'s business income for the year was $44,000 (this would have been its taxable income if it were a C corporation). During 2020, Tempe Corp. sold all of the inventory it owned at the beginning of the year for $242,000. b. Assume the original facts except that if Tempe Corp. were a C corporation, its taxable income would have been $8,600. What is its built-in gains tax in 2020? Built-in gains tax C. Assume the original facts except the land was valued at $156,000 instead of $128,000. What is Tempe Corp.'s built-in gains tax in 2020? Built-in gains tax