Question
PLEASE HELP ME ASAPPP Assume that an unincorporated business has non-depreciable assets with tax values (ACB) totaling $187,000. The proprietor wants to transfer these assets
PLEASE HELP ME ASAPPP
Assume that an unincorporated business has non-depreciable assets with tax values (ACB) totaling $187,000. The proprietor wants to transfer these assets to their own CCPC on a tax-deferred basis. The assets have a fair market value of $200,000.
Required: Fill in blanks with the correct number
What value should they elect at to avoid any current taxation?
To avoid any current taxation, the maximum non-share consideration that can be received is?
Assuming a transfer at the elected amount in A, and you were to immediately sell the assets for $200,000, how much of income would have to be recognized, if any?
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