Q$4.$ During its taxation year ending December $31,2023,$ all of the shares of Robin Ltd$.$ are acquired by an unrelated person. The acquisition occurs on May $1,2023$ and, at that time, Robin Ltd$.$ has available a $2020$ net capital loss balance of $$500,000.$ Also at that time the company has the following capital properties:

Capital Property Capital Cost UCC FMV

Non$-$Depreciable $$520,000$ N$/$A $$1,500,000$

Depreciable $$700,000$ $$550,000$ $$880,000$

For the period January $1,2023$ through April $30,2023,$ the company has a business loss of $$85,000.$

Required:

$1.$ Assume that the company will elect the FMV as the elected amount for the properties. What are the tax implications for each type of capital property $($i$.$e$.,$ what is the resulting type and amount of income generated$)?$

$2.$ If the company decides to only elect what is necessary to eliminate any losses that will expire, indicate which property$($ies$)$ the election$($s$)$ should be made on and at what value. Explain your reasoning. $(11$ points total$)$