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 Equipment Gooodwill Marketable securities

ACB & capital cost $ $17,000$ $ $0100$ $ $5,000$

FMV $11,00010,000$ $ $808,000$

UCC $0050$ N$/$A

Sale price $11,00010,000808,000$

Payment received$$Cash $2,0000306,000$

Shares $($FMV$)9,00010,000502,000$

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 corporation$$s 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$.0\mathrm{.}5$ would be rounded to $1).$ If an amount should be zero $($or if the amount is not applicable based on the transferred asset$)$ enter $"0".)$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.

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 corporation's 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$.0\mathrm{.}5$ would be rounded to

$.$ If an amount should be zero $($or if the amount is not applicable based on the transferred asset$)$ enter $"0".)$