Mrs$.$ Dancer owned $100$ common shares in Dancers Unlimited Incorporated $("$Dancers$").$ Dancers reorganized its capital structure during the year. In the course of this reorganization, Mrs$.$ Dancer exchanged all of her common shares for cash and preferred shares. Mrs$.$ Dancer's common shares had an adjusted cost base $($ACB$)$ of $$10,000,$ paid$-$up capital $($PUC$)$ of $$5,000$ and a fair market value $($FMV$)$ of $$55,000.$ As consideration for the exchange of her common shares, Mrs$.$ Dancer received cash of $$5,000$ and preferred shares with a fair market value and legal stated capital of $$50,000.$

Required:

a$)$ What is the adjusted cost base and paid$-$up capital of the preferred shares received by Mrs$.$ Dancer as partial consideration for the exchange of her common shares?

b$)$ What are the tax implications to Mrs$.$ Dancer of the exchange of her common shares?

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