Veronica owns shares of a Canadian private corporation that are worth $100,000 and have an adjusted cost

Question:

Veronica owns shares of a Canadian private that are worth $100,000 and have an adjusted cost base (ACB) and paid-up capital (PUC) of $60,000. Income tax reference: ITA 54 (definition of proceeds), 84(3).
Determine the tax implications for Veronica if the shares are
a) Sold to an arm’s-length party for $100,000; or,
b) Redeemed by the for $100,000.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...