Virginia Corporation is a calendar-year corporation. At the beginning of 2015, its election to be taxed as an S corporation became effective. Virginia Corp.s balance sheet at the end of 2014 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		40,000			40,000
Inventory		90,000			200,000
Land		150,000			175,000
Totals	$	300,000		$	435,000

In 2015, Virginia reported business income of $50,000 (this would have been its taxable income if it were still a C corporation).

What is Virginias built-in gains tax in each of the following alternative scenarios?

a.	During 2015, Virginia sold inventory it owned at the beginning of the year for $100,000. The basis of the inventory sold was $55,000.

b.	Assume the same facts as part (a), except Virginia had a net operating loss carryover of $24,000 from its time as a C corporation.

c.	Assume the same facts as part (a), except that if Virginia were a C corporation, its taxable income would have been $1,500.