Rodeo, Inc., a cash basis S corporation in College Station, Texas, formerly was a C corporation. Rodeo records the following assets and liabilities on January 1, 2012, the date its S election is made.
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| Cash | $ 200,000 | $ 200,000 |
| Accounts receivable | –0– | 105,000 |
| Equipment | 110,000 | 100,000 |
| Land | 1,800,000 | 2,500,000 |
| Accounts payable | –0– | 110,000 |
During 2012, Rodeo collects the accounts receivable and pays the accounts payable. The land is sold for $3 million, and taxable income for the year is $590,000. What is Rodeo’s built in gains tax?
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