On July 31, 2012, Mary McArthur passed away after a lengthy illness. Mary was survived by her husband and one adult child, Margaret. Both her husband and daughter are residents of Canada. Information related to Mary's assets as at July 31, 2012, is set out below.

Note:
Mary inherited these shares from her father upon his death in 2010. Her father had an adjusted cost base of $250,000 in the CBV shares. The fair market value of the CBV shares on the date of his death was $500,000. Her father had an adjusted cost base of $150,000 in the View Canada shares. The fair market value of the View Canada shares on the date of his death was $180,000.
REQUIRED
(A) Compute the minimum income and/or taxable capital gains to be reported by Mary McArthur for 2012 in respect of the above noted assets. Ignore any available elections.
(B) Determine the cost amounts of the above assets to the respective beneficiaries.

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Capital Cost/ACB UCC Fair market Description va lue Beneficiary Rental property-Toronto, Ontario Land Building (Class 3) . $40,000 Va $ 100,000 145,000 Spouse Spouse 55,000 $15,000 Rental propertyStratford Ontario 25,000 va 65,000 42,000 va 45,000 93,000 1,000,000 Daughter Daughter Spouse Building (Class 1).. CBV shares (see Nte below) View Canada shares (see Note below) . --.. nva 150,000 Daughter