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C owns depreciable property that originally cost $110,000 and has an undepreciated capital cost of $58,000. C sells the property to a corporation for $125,000
C owns depreciable property that originally cost $110,000 and has an undepreciated capital cost of $58,000. C sells the property to a corporation for $125,000 in exchange for debt of $0 and preferred shares of $125,000. C and the corporation will file a section 85 election with respect to the sale. What is the minimum elected transfer price under section 85 of Income Tax Act?
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