Built-in gains tax. When it was a C corp, a parcel of land was purchased for $25000 in 1983. The C corp was converted to an S Corp in 1987. The parcel of land was sold in 2018 for $65000. Since the holding period is greater than 10 years, does the S Corp have to pay built-in gains tax? Also the $25000 purchase price was taken from C Corp profits, but never claimed for tax purposes, so this has to be regular income. I am using TT 2017 to estimate my 2018 taxes as a what-if case.