Question 5 please

Question 5 (8 marks) Mr. X intends to transfer a parcel of land to a new corporation using section 85 The land has an adjusted cost base of $100,000 and a fair market value of $1,000,000 Mr. X will tranfser the land at an elected amount of $650,000 Mr. X has decided on the following consideration package 9 0 Debt of new corp 200000 1 Preferred Shares 400000 2 Common Shares 400000 13 4 Total 1000000 15 6 What are the floor and ceiling amounts that Mr. X could have transferred the land at 17 18 Determine the ACB of the shares received by Mr. X 19 Determine the PUC of the shares received by Mr. X 20 21 What are tax consequences if CS redeemed for fair value 22 23 24 25 26 27 28 29 30 31 32