Mrs. Betty Wong owns farm property consisting of land with an adjusted cost base of $271,000 and a fair market value of $365,000, along with a barn with a UCC of $90,000, a capital cost of $120,000, and a fair market value of $110,000. The property is transferred to her 67 year old son in return for a payment of $300,000 for the land. No payment is made for the barn. Describe the tax consequences of this transfer, for both Mrs. Wong and her son