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  3. calamari inc. has transferred the following three

Calamari Inc. has transferred the following three assets to Squid Co., a Canadian controlled private...

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Accounting

Calamari Inc. has transferred the following three assets to Squid Co., a Canadian controlled private corporation, under section 85 of the Income Tax Act.

Building

Land

Adjusted cost base (ACB)

$230,000

$70,000

Fair market value

$220,000

$150,000

Undepreciated capital cost (UCC)

$120,000

N/A

Sale price

$220,000

$150,000

Cash received

$100,000

$100,000

Shares received

$120,000

$50,000

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