Section 85 Rollovers- Short Cases) lowing independent cases involve transfers of assets under ITA 85. Case One Depreciable assets with a fair market value of $183,400 are transferred a corporation in exchange for non-share consideration of $140,000, preferred shar es with a fair market value of $22,000 and common shares with a fair market value of $21,400. The assets had a capital cost of $130,000. They were the only assets in their Class and the UCC balance in the Class was $59,904 se Two Inventories of merchandise are transferred to a corporation in exchange Ca for $93,000 in non-share consideration and $27,000 in common stock (fair market value and legal stated capital). The inventories have a cost of $87,000 and a fair market value of $120,000 Case Three Land is transferred to a corporation in exchange for $72,000 in non-share consideration and $751,000 in common stock (fair market value and legal stated capital). The land cost $617,000 and has a current fair market value of $823,000 Required: For each of the three Cases provide the following information: A. The minimum and maximum transfer prices that could be elected under the provisions of ITA 85. Assuming the minimum value is elected, the amount of capital gain or business income to be included in the income of the transferor B. Again assuming that the minimum transfer value is elected, determine the adjusted cos base and PUC of the preferred and common stock consideration. Your answer should include the determination of any shareholder benefit under ITA 15(1) or deemed divi- r ITA 84(1) that will arise on the transfer, or explain why there is no benefit or deemed dividends