q1: Pi owns 75% of the common shares of an investment holding corporation and the remainder of the shares is owned by his daughter. In this year, Pi transferred portfolio shares that cost him $11,000 and were worth $17,000, electing at $11,000 under subsection 85(1). As consideration for the transfer, he received a promissory note for $11,000 and preferred shares with a retraction value of $4,000. Which one of the following choices represents the elected transfer price and the adjusted cost base of the preferred shares, respectively?

Q2:Chi is one of a large number of shareholders of Pubco Ltd., a public corporation. She has received an offer from Taikit Inc., another public corporation, to exchange all of her shares in Pubco Inc., which are valued at $10,000, have a PUC of $1,000 and have an adjusted cost base to her of $6,000, in return for shares of Taikit Inc. The Taikit Inc. shares, also, have a value of $10,000 and a legal stated capital of $10,000. Which of the following amounts represents the adjusted cost base of the Taikit Inc. shares received by Chi under section 85.1?

q3:Gamma's will provided for the creation of a trust on her death, which occurred in 2017. Distributions from the trust are to be paid equally to each of her four children. In 2018, the trust earned $50,000 in cash dividends from Canadian-resident public corporations and $20,000 in interest on Canadian bonds. The trust incurred interest expense of $2,000 on funds borrowed to buy the investments. All of the dividends and $18,000 of the interest on the bonds was distributed to the beneficiaries and the interest expense was claimed by the trust. Which one of the following amounts represents the taxable income of one of the children from the trust for 2018?