Your client, Mr. A, a Canadian resident, owned all of the issued shares of ABC Ltd., which
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Question:
Your client, Mr. A, a Canadian resident, owned all of the issued shares of ABC Ltd., which carries on an electrical service business. The taxation year-end of the corporation was September 30. On your advice, he agreed to sell all of the assets of the company (except the cash) to one purchaser for $1,215,000. The sale was effective September 30, 2021. In the 2021 taxation year, the business broke even for tax purposes. The following was the balance sheet for ABC with the fair market value (FMV) of assets as indicated
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