In each of the following independent situations, Mario Quinn transfers an asset to a taxable Canadian corporation owned by him and makes an election under Section 85 of the Income Tax Act with respect to the transfer.

ONE

TWO

THREE

FOUR

Asset transferred

Land

Computer software

Customer list

Marketable securities

ACB & capital cost

$

8,000

$

120,000

10,000

$

13,000

FMV

11,000

100,000

$

8,000

19,000

UCC

0

0

5,000

N/A

Sale price

11,000

100,000

8,000

19,000

Payment receivedCash

7,000

0

3,500

15,000

Shares (FMV)

4,000

100,000

4,500

4,000

Required: For each of the four situations, determine the following: a) The minimum elected amount under Section 85 of the Income Tax Act. b) The income or loss for tax purposes to be recognized by Mario. c) The corporations ACB, capital cost and UCC for the assets purchased. d) The ACB of the shares of the corporation received by Mario. e) The PUC of the shares of the corporation received by Mario. Complete the chart below. (Enter positive numbers only and round each entry to the nearest dollar (e.g. 0.5 would be rounded to 1). If an amount should be zero (or if the amount is not applicable based on the transferred asset) enter "0".)

ONE			TWO			THREE			FOUR
Minimum elected amount
Taxable income created on transfer
Adjusted cost base (ABC) of the transfer asset to the corporation
Capital cost of the transferred asset to the corporation
Underpreciated capital cost (UCC) of the transferred asset to the corporation
ACB of the shares received on the transfer
Paid up capital (PUC) of the shares received of the transfer