Which of the following describes the tax consequences of a property transferred to a spouse and the subsequent attribution of income and capital gains realized from the property? Multiple Choice The property is deemed transferred at fair market value (FMV) and the subsequent income and capital gains is attributed back to the transferor. The property is deemed transferred at its adjusted cost base (ACB) and only income, but not capital gains, are attributed back to the transferor The property is deemed transferred at FMV and there is no attribution of the subsequent income or capital gains. The property is deemed transferred at ACB, unless an election is filed, to have a transfer at FMV Any subsequent income and capital gains is attributed back to the transferor unless, both (1) the FMV election was filed on the transfer and (2) FMV consideration was paid by the recipient spouse