Craig owns a piece of land that he'd like to use in a new business. He will transfer the land into a newly formed corporation using Section 85. The land has an ACE of $4,000 and a FMV of 57,000. If he takes back shares of the corporation and a note payable for $2,000 as consideration, what is the ACE of the shares he takes back? Assume he elects to defer as much tax as he can. How much after prot would a corporation need to earn in order to pay down $50,000 of debt, assuming that the corporate tax rate is 25%? 0 50,000 0 62,500 0 66,667