Static Controls Inc. has a December 31 year end. On May 1, 2020, all of the Companys shares are acquired by a new owner. For the period January 1, 2020 through April 30, 2020, the Company has an operating loss of $91,000.

On April 30, 2020, the Company has available a net capital loss carry forward of $125,000 [(1/2)($250,000)]. In addition, the Company has the following assets:

Non-Depreciable Asset: Adjusted cost base (or capital cost) = $610,000; Fair market value = $740,000

Depreciable Asset: Adjusted cost base (or capital cost) = $375,000; UCC = $280,000; Fair market value = $515,000

Advise the Company with respect to the most appropriate elections to be made prior to the acquisition of control and explain your results. Ensure you discuss the possible alternatives which the Company should consider and any tax consequences and future benefits of filing the elections.