Mika Collin has operated a proprietorship for three years, and now plans to incorporate the company. All of the assets and liabiliti be transferred to the corporation Amongst the list of assets being transferred are accounts receivable with a fair market value of $5,000 and a cost of $7,000 If Mik the receivables using a joint Section 22 election, which of the follow will apply? Multiple Choice Mika will treat the loss as a capital loss Mika will treat the loss as a business loss The corporation will not be allowed to claim a reserve for doubtful accounts against its business income. The cost of the receivables to the corporation for tax purposes will be 55.000 w plans to incorporate the company. All of the assets and liabilities of the company will able with a fair market value of $5,000 and a cost of $7,000. If Mika chooses to transfer How will apply? me for doubtful accounts against its business income. x purposes will be $5,000