PRACTICE PROBLEM 9.1: NON-ARM'S LENGTH TRANSACTIONS Jose Perez owns 100% of Tonix Inc., a Canadian Controlled Private Corporation (CCPC). As Jose owns 100% of the voting shares of Tonix Inc., he and the corporation are related in accordance with ITA 251. Jose owns land with an ACB of $20,000 and a FMV of $80,000. In the current year, Jose sells the land to Tonix Inc. For each of the following situations, calculate the taxable capital gain or allowable capital loss for Jose and the new adjusted cost base for Tonix under the rules of ITA 69, depending on the transfer price chosen. (a) Jose Perez sells the land to Tonix Inc. for $80,000. (b) Jose Perez sells the land to Tonix Inc. for $30,000. (c) Jose Perez sells the land to Tonix Inc. for $100,000. (d) Jose Perez gifts the land to Tonix Inc. (\$0 consideration) 
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