PROBLEM FOUR In each of the following independent situations, Mario Quinn transfers an asset to a taxable Canadian corporation owned by him and makes an election under section 85 of the Income Tax Act with respect to the transfer. ONE THREE Asset transferred ACB & capital cost FMV UCC Sale price Payment received: cash Shares (FMV) Land $5,000 8,000 N/A 8,000 6,000 2,000 TWO Depreciable asset $100 80 50 80 30 50 Goodwill Nil $10,000 Nil 10,000 Nil 10,000 FOUR Marketable securities $17,000 11,000 N/A 11,000 2,000 9,000 Required: For each of the four situations, determine the following: (a) The minimum elected amount under section 85 of the Income Tax Act. (b) The income or loss for tax purposes to be recognized by Mario. (c) The corporation's ACB, capital cost, and UCC for the assets purchased. (d) The ACB of the shares of the corporation received by Mario. (e) The PUC of the shares of the corporation received by Mario