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 a $180,000 adjusted basis. During the current year, Theta reports taxable income of $400,000. - In the current year, Theta collects all $200,00 of accounts receivable outstanding on January 1 of the current year. The receivables had a zero adjusted basis. - On February 1, Theta sells automobile for $3,500. The automobile had a $2,000 adjusted basis and a $3,000 FMV on January 1 of the current year. Theta claimed $800 of MACRS depreciation on the automobile in the current year. - On March 1, Theta sells land (a Sec. 1231 asset) that it held 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 payable outstanding on January 1 of the current year. All the payables are deductible expenses. What is the amount of theta's built-in gains tax liability?