Lofty Ltd has been acquired by Holdco Ltd$.$ At the time of acquisition on March $10$th $2023,$ Lofty Ltd$.$ had non$-$capital business losses of $$600,000$ carried forward from $2022,$ and $$20,000$ of net capital losses carried forward from $2017.$

At the time of acquisition, the following was discovered:

$$ The UCC balance in Class $8$ was $$70,000$ while the FMV of the assets in that class was only $$40,000.$

$$ The UCC balance in Class $14\mathrm{.}1$ was $$58,500$ while the FMV of the assets in that class was $$63,000.$ Class $14\mathrm{.}1$ contains only one asset $$ a customer list which was acquired for $$60,000.$

$$ The corporation$$s inventory had a cost of $$630,000$ and a FMV of $$680,000.$

$$ The book value of the company$$s accounts receivable was $$240,000.$ Its realizable value was $$225,000.$

$$ The corporation$$s only non$-$depreciable capital property $($land$)$ had a cost of $$200,000$ and FMV of $$256,000.$

The corporation had business losses of $$3,000$ from January $1$st to March $9$th$,2023.$

Holdco Ltd$.$ will continue Lofty Ltd$$s business following acquisition and attempt to turn their business around.

REQUIRED

What are the tax implications of the acquisition of Lofty Ltd$$s shares by Holdco Ltd$.?$ Assume that the company will make the maximum election possible on the land. In your analysis, make sure to calculate: i$)$ the taxable income of the deemed year$-$end, ii$)$ the total amount of non$-$capital losses available to Lofty Ltd$.$ after acquisition, iii$)$ the amount of expiring losses upon acquisition, and iv$)$ the tax costs of all assets following the acquisition.