Dan Dash has decided to incorporate his retailing business. On July 1, he plans to transfer the assets of the business to Dash Inc., a corporation owned wholly by him, in exchange for a note of $535,000, being the fair market value of the assets. The assets of the retailing business are as follows: Accounts receivable Inventory FMV $ 5,000 200,000 COST $ 8,000 120,000 UCC Land 60,000 20,000 Building 180,000 160,000 Class 8 Equipment 50,000 100,000 $100,000 70,000 Goodwill Total 40,000 0 0 $535,000 $408,000 $170,000 Dan also plans to transfer his shares of Grape Expectations, a publicly-traded company, to Dash Inc. He purchased the shares of Grape Expectations two years ago for $60,000. He plans to transfer them to Dash Inc. for $50,000, the estimated fair market value.