Susanna Examine the information below and determine whether the corporations are associated. State the reasons supporting your conclusions using appropriate references from the Income Tax Act. Peter Beatrice 50 Common 50 Common SUSUBEA LTD. 100% P. HOLDINGS INC. 10 Preferred 25% PETER'S Elle INC. 40% MANUFACTURING John 35% Elle is Peter's wife and John is Peter's brother. Susanna and Beatrice are Peter and Elle's daughters, and both are over 18. Susubea Ltd's preferred shares are voting and have a value of $1,500,000 and the common shares held by Susanna and Beatrice have a value of $100,000.