Business & farm

Well, you have just complicated the issue (by indicating that you were accrual) and once again I recommend that you consult with a tax professional who you can have a one on one with going through all the facts as they are uncovered.
But to provide some additional guidance:
1) Since you indicate that you were on the accrual method, not sure why but don't know your gross revenue, then I would assume that your payables were deducted when you were a SMLLC.  If that is the case, these will impact your Section 357(c) calculation.  Section 357(c) addresses where "liabilities" are assumed by another party to an exchange; payables are a liability.  
2)The deferral of income  needs to be discussed further as if you are on the accrual method in order to defer any advance payments you need to have made an election.  I don't know if this has been done.
3) Examples generally only cover simple and easy situations, so you just need to keep this in mind.  There is generally not an example for all situations.  One just needs to read the statute and regulations when looking at all situations.
4) The other issue to keep in mind, is that generally when these types of transactions occur, there are multiple parties involved and the rules are meant to avoid shifting of tax consequences between parties.  Here I am assuming that you are the only shareholder of the S corp.

If you think through the liability issue it makes sense as upon formation your capital should equal your beginning basis.
If you just had cash $1,000 accounts payable $50 putting together your balance sheet you would have capital of $950 to balance the balance sheet.
If the only thing the S corp does is pay the payable, then you have cash left of $950 and this is the same as your basis.  If you then liquidate, there is no gain or loss and that is the way it should be; cash distributed $950 equals your basis of $950.

Just to conclude, there is a lot going on and seeking professional help would be encouraged to get you started on the right path.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.