Zulu Corporation (the Company) holds a piece of undeveloped (no improvements made) real estate with a carrying value (basis) of $50,000 and a FMV of $150,000. The Company is and has always been a C Corporation. In contemplation of the sale of the real estate, Keith, the sole owner of the Company, has reached out to you about the possibility of making an S election just prior to the sale of the real estate. Several of his friends from the local country club have told Keith the S election would make it possible for him to avoid a "second level of tax". Unfortunately, the prospective buyer has a hard deadline for the purchase and closing of the real estate sale and the sale needs to be completed not later than January 15, 2023. Keith has reached out to you for some advice. Keith received the stock in Zulu Corporation from his father who formed the Company years ago when he contributed the land in which he had a basis of $50,000 in exchange for all the Company's stock. At the time of the contribution of the land, the land had an estimated FMV of $50,000. The Company's 12.31.22 trial balance