Margaret Williams unincorporated business has inventories with a fair market value of $47,000 and a tax cost of $55,000. In addition, it has land with a fair market value of $275,000 and a tax cost of $83,000. She intends to transfer these assets to a new corporation, taking back $47,000 in cash for the inventories and $122,000 in cash for the land. Required: If she uses Section 85(1) for the transfer, what is the possible range of values that can be elected for the two properties? If, in each case, she elects the lowest possible value, what are the tax consequences for Ms. Williams?