Jack Wade owns an unincorporated business appropriately named Wade Enterprises. Mr. Wade has decided that he no longer needs to spend all of the business income he receives each year and would like to take advantage of the tax deferral possibilities by transferring his business into a corporation. He would like to transfer all of the assets currently in the business into his new corporation Wade Ltd. He had determined that a December 31 year end will work for the corporation.

On January 1, 20XX, Wade Enterprises has no liabilities. The tax values (ACB or UCC) and fair market values (FMV) of the assets of Wade Enterprises are listed below: