Please provide a detailed response. Thanks!

1. Describe the tax implications of net capital losses on an acquisition of control for the following

   • Carry backs and carry forwards

   • The adjusted cost base (the ACB) of non-depreciable capital property of a corporation exceeds the fair market value (the FMV) of non-depreciable capital property immediately before the time that control of the corporation is acquired

   • Immediately before an acquisition of control, what can a corporation elect to do with capital property? Why?

2. Describe the tax implications of non-capital losses on an acquisition of control