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Question - Mr. A transferred land to a corporation in which he owned all of the shares using the provisions of ITA 85(1). The ACE of the land was $150,000 and the FMV was $400,000. The elected amount was $150,000. As consideration, Mr. A received a promissory note for $80,000, preferred shares with a FMV of $200,000, and common shares with a FMV of $120,000.
Required -
1. Determine the FMV of the consideration package.
2. Determine the ACB of the preferred shares.
3. Determine the ACB of the common shares.
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