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.
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| Building | Land |
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| Adjusted cost base (ACB) | $230,000 | $70,000 |
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| Fair market value | $220,000 | $150,000 |
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| Undepreciated capital cost (UCC) | $120,000 | N/A |
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| Sale price | $220,000 | $150,000 |
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| Cash received | $100,000 | $100,000 |
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| Shares received | $120,000 | $50,000 |
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