Ms. Bimo transfers a non-depreciable capital property to a corporation in which all of the common shares are owned by her son. The property has a fair market value of $150,000 and an adjusted cost base of $35,000. Ms. Bimo transfers the property using an elected amount of $35,000 and the corporation issues her a note payable in the amount of $35,000 and preferred shares with a fair market value of $100,000. The ITA 85(1)(e.2) excess amount (i.e. indirect gift) is:

$15,000

$115,000

$100,000

$35,000