Indicate the income tax consequences of an aoc

Reference no: EM133659570

Unrealized Losses Forced Out

On November 15, 2023, Parkat Ltd., acquires control of Sparkat Ltd. Parkat and Sparkat are unrelated persons prior to the AOC. On November 14, 2023, Sparkat Ltd. owns the following properties:

• Land with an ACB of $293,000 and a FMV of $215,000

• Class 8 depreciable property with a capital cost of $416,000, a UCC balance of $276,000, and a FMV of $184,000

Indicate the income tax consequences of an AOC on the above properties for Sparkat Ltd. for its deemed taxation year ending November 14, 2023.

Reference no: EM133659570

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