Minh, an individual, is a consultant operating as a single member LLC. The LLC uses the cash basis of accounting. She wishes to incorporate to provide legal protection to herself and limit her liability as well as raise capital through a potential debt oering to fund future technology investments. She has received advice from legal counsel that she can check the box on the LLC eective January 1, 2019 and become a corporation for federal income tax purposes and receive the desired benets. Minhs business has the following assets: Land with an adjusted basis of $10,000 and a FMV of $50,000; Accounts receivable with an adjusted basis of $0 and a FMV of $25,000; Accounts payable in the amount of $30,000

Minhs basis in the stock is $__________________________ Minh has recognized gain of $__________________________

After collecting the receivables and paying the account payables Corporation will have income or loss of $________________

Corporation basis in all property on day 1 is $__________________