18. James Sullivan owns 100% of Sully's Industries Inc. The shares were originally issued in 1991 for $30,000. In 1998, they were acquired by James's father for $35,000. In 2014, James's father passed away and left the shares to James. At that time, they were deemed to have been disposed of for $150,000. On the terminal return for James's father, a capital gain of $115,000 was reported, and tax was paid on the taxable capital gain of $57,500. James wishes to sell the shares, now valued at $350,000, to a wholly-owned holding corporation, electing under ITA 85(1). Sully's Industries Inc. has never paid dividends of any kind. Which one of the following amounts represents the minimum possible elected amount under ITA