At the beginning of 2020, Martha Stuart transfers a group of common stocks (securities) to a trust that has her 29 year old daughter Jane as the only beneficiary. The securities have an adjusted cost base of $350,000 and a fair market value of $500,000. During 2020, the securities pay eligible dividends of $50,000, all of which are distributed to Jane.

At the beginning of 2021, all of the securities are transferred to Jane in satisfaction of her capital interest. At this time their fair market value is $550,000. Jane immediately sells the securities for this amount.

Indicate the tax consequences for Martha, Jane, and the trust, in each of the years 2020 and 2021. If none, indicate none (blank answers or no answers will not be awarded marks).