as, for a number of years, carried on a business as a sole proprietor in which he sells home improvement products. On January 2, , Mr. has decided to incorporate the business within Inc., a newly created corporation. The corporation will have a December 31 taxation year end. Mr. and the company will jointly file an election under ITA 85(1) to minimize the income tax consequences of incorporating the business. On January 2, , Mr. 's accountant has prepared the following balance sheet describing the assets and liabilities of the business, their tax costs (ACB, inventory cost, capital cost, or UCC), and FMV. View the balance sheet.LOADING