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Assume a corporation winds up its operations and is left with cash on hand of $1,400,000 to distribute to shareholders. The corporation has a capital

Assume a corporation winds up its operations and is left with cash on hand of $1,400,000 to distribute to shareholders. The corporation has a capital dividend account of $275,000 and a PUC of $350,000. The corporation has one shareholder, who holds 32,000 shares with an adjusted cost base of $310,000. 

How will the proceeds be taxed to the shareholder?


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