Vinny owns 100 percent of the shares of Shores in.. Was adian controlled private corporation with a December 31 year end. Shores no, was incorporated by Vinnys father many years ago, investing $50,000 in common share capital. After his father almost bankrupted the company, Vinny bought his shares for $10,000 and built the company into a very prosperous operation. Vinny is aging and starting to slow down. At this point, he would like to sell the business and devote his attention to learning to cook traditional Italian tood.nsvb He has received two offers for Shores Inc. The first, made by Ms. Jenni Farley, is an offer to buy all of the shares for $1,259,000. The second offer, made by Mr. Mike Sorrentino, is an offer to acquire some of the business assets. The specific assets that Mike would buy, and the prices that he is offering, are as follows: Accounts Receivable $45,000 Inventories 171,500 Land 366,000 Building OS 904,000 Goodwill 173,000 Total $1,659,500 Both offers would require the purchase to take place on January 2, 2022. On January 1, 2022, the Balance Sheet of Shores Inc. was as follows/ Term Deposits (Fair Market Value = $269,000) 269000 Accounts Receivable (Face Amount = $52,000) 49000 Marketable Securities at Cost (Fair Market Value = $108,200) 191200 inventories at cost 171000 Land at Cost 167,000 Building at Net Book Value* 519000 Total Assets 1,366,200 Liabilities Paid Up Capital of Shares 328000 Retained Earnings 50,000 Total Liabilities & Equity 1,366,200 *The capital cost of the Building was $684,000, the only asset in its CCA class, and the UCC balance for the class is $417,000. On January 1. 2022, there was a balance in the Company's Capital Dividend Account (CDA) of $17, 000. there was no balance in the Eligible or Non-Eligible Refundable Dividend Tax On hand accounts (ERDTOH & NERDTOH) or General Rale Income Pool (GRIP) account. The provincial tax rate on corporate income eligible for the federal small business deduction is 3 percent. On other corporate income, the rate is 14 percent. Vinny will have other sources of income in excess of $300,000; consequently, his tax rate on all additional income is at the highest federal level, plus an additional 24 percent at the provincial level. He lives in a province where the provincial dividend tax credit on eligible dividends is 5/11 of the gross up, and on non-eligible dividends is equal to 4/13 of the gross up. Vinny has not used any of his lifetime capital gains deduction. If Vinny accepts Mike's offer to purchase the business' assets, Vinny will sell the Term Deposits and Marketable Securities for their market values. With respect to the sale of the Accounts Receivable, Mike and Vinny will jointly elect to transfer them under the provisions of ITA 22. There would be a winding-up of the corporation subsequent to the sale of its assets. Required: Determine which of the two offers will provide Vinny with the largest amount of personal after-tax funds. Ignore the possibility that Vinny might be subject to the alternative minimum tax. Assume that appropriate elections or designations will be made to minimize the taxes that Vinny will pay. Show all calculations required to make your decision. If there are any steps Vinny can take before the sale to minimize his tax consequences, outline those.