On November 15, 2023, Parkat Ltd., acquires control of Sparkat Ltd. Parkat and Sparkat are unrelated persons prior to the AOC. On November 14, 2023, Sparkat Ltd. owns the following properties:

• Land with an ACB of $293,000 and a FMV of $215,000

• Class 8 depreciable property with a capital cost of $416,000, a UCC balance of $276,000, and a FMV of $184,000

Indicate the income tax consequences of an AOC on the above properties for Sparkat Ltd. for its deemed taxation year ending November 14, 2023.