26) Ira passed away this year leaving a will bequeathing Ira's spouse, Cleo, with $80,000 in cash, in addition to stocks and land, to be held in a spousal trust on Cleo's behalf. The trust will pay Cleo the annual income generated by the trust during Cleo's lifetime. Additionally, Ira's 33-year-old child Arthur is to receive a building to be held in a trust until Arthur reaches the age of 45. Arthur will also receive the assets in Cleo's trust upon Cleo's death. The assets transferred to Cleo consist of land with an ACB of $100,000 and a FMV of $300,000, and stocks valued at $200,000 with a cost base of $150,000. The building transferred to Arthur has an ACB of $200,000, UCC of $180,000, and FMV of $300,000. Required: A. Determine the immediate tax consequences (identify the income type and amount) for Ira. B. Determine the immediate tax consequences for the assets received by the trust for Cleo