Yahoo Mail 29% 6:04 PM 9. Alomar, a cash basis S corporation in Orlando, Florida, holds the following assets and liabilities orn January 1, 2019, the date the S election is made Adjusted Basis Cash Fair Market Value S 200,000 S 200,000 Accounts receivable 105,000 Equipment 110,000 100,000 Land 1,800,000 2,500,000 Accounts payable 110,000 During the year, Alomar collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and the taxable income for the year is $590,000. Calculate any built-in gains tax