Canadian Taxation

Question Purple Corporation (Purple) has received an offer to sell all the assets (including goodwill) for $3.5 million. Purple has 3 assets: FMV ACB UCC Land 1,200,000 860,000 Equipment 523,000 515,000 465,000 Furniture 19,000 27,000 24,000 1 Calculate the income that would result from the sale assuming the sale took place the day after year end (so there is no business income to include from the normal course of business)