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In each of the following independent situations, Mario Quinn transfers an asset to a taxable Canadian corporation owned by him and makes an election under Section 85 of the Income Tax Act with respect to the transfer. Required: For each of the four situations, determine the following: a) The minimum elected amount under Section 85 of the Income Tax Act. b) The income or loss for tax purposes to be recognized by Mario. c) The corporation's ACB, capital cost and UCC for the assets purchased. d) The ACB of the shares of the corporation received by Mario. e) The PUC of the shares of the corporation received by Mario. Complete the chart below. (Enter positive numbers only and round each entry to the nearest dollar (e.g. 0.5 would be rounded to 1). If an amount should be zero (or if the amount is not applicable based on the transferred asset) enter "O".) In each of the following independent situations, Mario Quinn transfers an asset to a taxable Canadian corporation owned by him and makes an election under Section 85 of the Income Tax Act with respect to the transfer. Required: For each of the four situations, determine the following: a) The minimum elected amount under Section 85 of the Income Tax Act. b) The income or loss for tax purposes to be recognized by Mario. c) The corporation's ACB, capital cost and UCC for the assets purchased. d) The ACB of the shares of the corporation received by Mario. e) The PUC of the shares of the corporation received by Mario. Complete the chart below. (Enter positive numbers only and round each entry to the nearest dollar (e.g. 0.5 would be rounded to 1). If an amount should be zero (or if the amount is not applicable based on the transferred asset) enter "O".)

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