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A C corporation elected S corporation status during the current year

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A C corporation elected S corporation status during the current year. On the date that the election became effective, the entity had various assets with fair values that exceeded their adjusted bases. The entity is trying to determine the amount of its net unrealized built-in gain. Which code section, subsection, and paragraph defines the term net unrealized built-in gain?

 

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 IRC §:              (          )     (         )

Examples of correctly formatted IRC-2 responses are IRC-2§1(a)(1), IRC§56(a)(1), IRC§25A(a)(1), IRC§162(a)(1), IRC§263A(a)(1), IRC§1245(a)(1), IRC§2032A(a)(1) and IRC§1400Z-1(a)(1).