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individual E owns equipment that originally cost $80,000 and has an undepreciated capital cost of $55,000. E sells the equipment to a corporation for its

individual E owns equipment that originally cost $80,000 and has an undepreciated capital cost of $55,000. E sells the equipment to a corporation for its market value of $70,000. To avoid tax on the transfer a section 85 election is filed by E and the corporation. What is the appropriate section 85 elected transfer price?

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