Jack Wild owns a depreciable property with a capital cost of $120,000 and a fair market value of $180,000. It is the only asset in its CCA class and the UCC balance for the class is $98,000. He uses ITA 85 to transfer this property to a new corporation at an elected value of $160,000. In return for the property, he receives a note for $160,000, in addition to common shares with a fair market value of $20,000. What are the tax implications of this transaction for both Jack Wild and the transferee corporation? Include in your answer the adjusted cost base and PUC of the shares and the corporation's tax values of the asset. Show your final answers and supporting calculations as follows:

Tax implications for both Jack Wild and the transferee corporation:

ACB of shares

PUC of shares