Which of the following describes $(1)$ the tax consequences of a property transferred to a spouse; and $(2)$ the subsequent attribution of income and capital gains realized from the property?

Multiple Choice

$(1)$ The property would be deemed transferred at fair market value $($FMV$).(2)$ The subsequent income and capital gains would be attributed back to the transferor.

$(1)$ The property would be deemed transferred at its adjusted cost base $($ACB$).(2)$ Only the income, but not capital gains, would be attributed back to the transferor.

$(1)$ The property would be deemed transferred at FMV$.(2)$ There would be no attribution of the subsequent income or capital gains.

$(1)$ The property would be deemed transferred at ACB, unless an election was filed, to have a transfer at FMV$.(2)$ Any subsequent income and capital gains would be attributed back to the transferor unless, both $($a$)$ the FMV election was filed on the transfer and $($b$)$ FMV consideration was paid by the recipient spouse.