Calamari Inc. is transferring the following land to Squid Co., a Canadian controlled private corporation, under section 85 of the Income Tax Act. The land has an ACB of $70,000 and a FMV of $150,000. Calamari Inc. will receive $ 100,000 as non-share consideration and $50,000 in preferred shares. What is the minimum elected value for the transfer? A) $50,000 B) $70,000 C) $100,000 D) $150000