When Aaron Levy immigrated to Canada, he owned 5,000 shares of a public company listed on the New York Stock Exchange. His original purchase price was US$18 a share, and the fair market value of the shares when he entered Canada was US$24 a share. The exchange rate was at par.

REQUIRED

What is his adjusted cost base (“ACB”) for tax purposes? If Aaron sold the shares in 2016 for $32 per share, what amount would be included in his Division B income for tax purposes? Assume that the exchange rate at the date of sale was 1.28.