Alomar, a Cash Basis S Corporation in Orlando, Florida, Holds

Alomar, a cash basis S corporation in Orlando, Florida, holds the following assets and liabilities on January 1, 2016, the date the S election is made. $$\begin{array} { l r r } & \text { Adjusted Basis } & \text { Fair Market Value } \\\text { Cash } & \$ 200,000 & \$ 200,000 \\\text { Accounts receivable } & - 0 - & 105,000 \\\text { Equipment } & 110,000 & 100,000 \\\text { Land } & 1,800,000 & 2,500,000 \\\text { Accounts payable } & - 0 - & 110,000\end{array}$$ ​
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.