Virginia Corporation is a calendar$-$year corporation. At the beginning of $2023,$ its election to be taxed as an S corporation became effective. Virginia Corporation's balance sheet at the end of $2022$ reflected the following assets $($it did not have any earnings and profits from its prior years as a C corporation$).$

Asset Adjusted Basis FMV

Cash $ $20,000$ $ $20,000$

Accounts receivable $40,00040,000$

Inventory $90,000200,000$

Land $150,000175,000$

Totals $ $300,000$ $ $435,000$

In $2023,$ Virginia Corporation reported business income of $$50,000($this would have been its taxable income if it were still a C corporation$).$

What is Virginia's built$-$in gains tax in each of the following alternative scenarios?

a$.$ During $2023,$ Virginia Corporation sold inventory it owned at the beginning of the year for $$100,000.$ The basis of the inventory sold was $$55,000.$