Lily Haring owns a property that is depreciable property that is the last property in its class. The capital cost is $623,000, the UCC is $229,663, and the FMV is $946,000. The depreciable prop-erty is used in a business. Lily will sell this property to a corporation that she will control. A joint election will be fled under ITA 85(1) in which the minimum elected amount will be chosen. She is considering receiving three diferent consideration packages, all of which total $946,000: Package One The company will pay her consideration consisting of a promissory note for $229,663 and preferred shares with a FMV of $716,337. Package Two The company will pay her consideration consisting of a promissory note for $100,000, preferred shares with a FMV of $100,000, and common shares with a FMV of $746,000. Package Three The company will pay her consideration consisting of a promissory note for $700,000 and preferred shares with a FMV of $246,000.

Required: For each of the three packages, determine:

The minimum elected amount that Lily can choose and the amount and type of income that will result.

The ACB of the consideration received.

The PUC for the share consideration.