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

Alomar, a cash basis S corporation in Orlando, FL, holds the following assets and liabilities on January 1, 2020, the date the S election is made. $\begin{array}{lcr}&\text { Adjusted Basis }&\text { Fair Market Value }\\\text { Cash } & \$ 200,000 & \$ 200,000 \\\text { Accounts receivable } & -0- & 105,000 \\\text { Equipment } & 110,000 & 100,000 \\\text { Land } & 1,800,000 & 2,500,000 \\\text { Accounts payable } & -0- & 110,000\end{array}$ 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.