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PROBLEM 3 (5 marks) lacobucci Inc. has a December 31 tax year end. On June 1, 2021, all of the Company's shares are acquired

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PROBLEM 3 (5 marks) lacobucci Inc. has a December 31 tax year end. On June 1, 2021, all of the Company's shares are acquired by an unrelated corporation. For the period January 1, 2021 through May 31, 2021, the Company has a business loss of $91,000. On May 31, 2021, the Company has a 2019 net capital loss balance of $125,000. In addition, the Company has the following capital properties: Capital Property Land Class 8 property F terminal Loss ACB & Capital Cost $610,000 UCC N/A $280,000 FMV $740,000 515,000 13 2 lyok 375,000 Advise the lacobucci Inc. on the tax implications of the acquisition of control and the most appropriate election(s) to be made. Explain your results. The Grip ball The Nov 30, 2021 bal of eligible & non-eligible ROTOH

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