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What is the elected transfer price

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Question - Missy, under ITA 85, transferred a piece of her personal land to her corporation, where she has 100% of the shares. The ACB of the land is $150,000 and the FMV $250,000. The property was mortgaged for $50,000. On her end, Missy received cash of $200,000 and legal stated capital of $10,000. After the transaction, the corporation then took over the mortgage. What is the elected transfer price and the ACB of the preferred shares?

a. Elected transfer price of $150,000 and ACB of $0.

b. Elected transfer price of $250,000 and ACB of $0.

c. Elected transfer price of $250,000 and ACB of $240,000.

d. Elected transfer price of $260,000 and ACB of $50,000.

e. Elected transfer price of $260,000 and ACB of $240,000.

Reference no: EM132892627

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