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Samuel Chen incorporates his business by selling the business properties to a corporation. The total elected amounts for all properties is $700,000. The FMV of

Samuel Chen incorporates his business by selling the business properties to a corporation. The total elected amounts for all properties is $700,000. The FMV of the business properties is $1,300,000. Samuel receives the following consideration: Cash: $180,000 FMV of preferred shares for the new corporation: $510,000 FMV of common shares for the new corporation: $610,000 How will the elected amount be allocated between: the NSC and the preferred and common shares issued

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