question archive The following assets are to be transferred under section 85 of the Canadian federal income tax for consideration including common shares plus boot as indicated below: Land (FMV) 75,000, (ACB) 60,000, (UCC) nil, (Boot Received) 70,000 Equipment (FMV) 50,000, (ACB) 60,000, (UCC) 40,000, (Boot Received) 45,000 For each of the assets transferred, specify the elected amount and related tax consequences
The following assets are to be transferred under section 85 of the Canadian federal income tax for consideration including common shares plus boot as indicated below: Land (FMV) 75,000, (ACB) 60,000, (UCC) nil, (Boot Received) 70,000 Equipment (FMV) 50,000, (ACB) 60,000, (UCC) 40,000, (Boot Received) 45,000 For each of the assets transferred, specify the elected amount and related tax consequences
Subject:LawPrice: Bought3
The following assets are to be transferred under section 85 of the Canadian federal income tax for consideration including common shares plus boot as indicated below:
Land (FMV) 75,000, (ACB) 60,000, (UCC) nil, (Boot Received) 70,000
Equipment (FMV) 50,000, (ACB) 60,000, (UCC) 40,000, (Boot Received) 45,000
For each of the assets transferred, specify the elected amount and related tax consequences.
