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Specify the elected amount and related tax consequences

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Reference no: EM132606984

The following assets are to be transferred under section 85 for consideration including common shares plus boot as indicated below:

                   FMV                      ACB                 UCC              Boot received

Land        75,000               60,000             ---                70,000

Equipment  50,000            65,000              40,000                45,000

Question 1: For each of the assets transferred, specify the elected amount and related tax consequences.

Reference no: EM132606984

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