Krissa Wilkinson has securities with an adjusted cost base of $1,500 and a fair market value of $2,000. If she sells these securities to her brother for $2,500, she will have a capital gain of $1,000.

T OR F

Joan Deroi has a depreciable asset with a UCC of $50,000, a capital cost of $80,000, and a fair market value of $100,000. If she gifts this property to her spouse with election, she will have a capital gain of $20,000.

T OR F