Problem $22-42($Algorithmic$)($LO$.10)$

Matulis, Inc., a C corporation, owns a single asset with a basis of $$465,600$ and a fair market value of $$1,117,440.$ Matulis elects $S$ corporation status. Matulis holds a positive E & P balance. The entity elects $S$ corporation status for $2023$ and then sells the asset.

Compute the corporate$-$level built$-$in gains tax that must be paid by Matulis.

If required, round your answer to the nearest dollar.