Theta Corporation formed 15 years ago. In its first year,

Theta Corporation formed 15 years ago. In its first year, it elected to use the cash method of accounting and adopted a calendar year as its tax year. It made an S election on August 15 of last year, effective for Theta’s current tax year. At the beginning of the current year, Theta had assets with a $600,000 FMV and an $180,000 adjusted basis. During the current year, Theta reports taxable income of $400,000.-In the current year Theta collects all $200,000 of accounts receviables outstanding on January 1 of the current year. The receviables had a zero adjusted basis.-On Febuary 1 Theta sells an automobile for $3500. The automobile had a $2,000 adjusted basis and a $3000 FMV on January 1 of the current year. Theta claied $800 of MACRS deprfeciation on the automobile in the current year.-On March 1, Theta sells land (a Sec 1231 asset) tat it held for three years in anticipation of building its own office building for a $35,000 gain. The land had a $45,000 FMV and a $25,000 adjusted basis on January 1 of the current year.-In the current year, Theta paid $125,000 of accounts payabl outstanding on January 1 of the current year. All the payables are deductible expenses.What is the amount of Thetas built in gains tax liability?