In each of the following independent situations, Mary transfers an asset to a taxable Canadian corporation owned by her and makes an election under Section 85 of the Income Tax Act with respect to the transfer.

Required:
For each of the four situations, determine the following:
a) The minimum elected amount under Section 85 of the Income Tax Act,
b) The income or loss for tax purposes to be recognized by Mary,
c) The corporation€™s ACB, capital cost and UCC/CEC for the assets purchased,
d) The ACB of the shares of the corporation received by Mary, and
e) The PUC of the shares of the corporation received by Mary.

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ONE TWO THREE FOUR epreciable Marketable Asset transferred ACB & capital cost FMV UCC/CEC Sale price Payment received- Cash Shares (FMV) Asset Goodwill Nil S80 S10,000 Nil S80 S10,000 Nil S50 S10,000 Securities $17,000 S11,000 N/A S11,000 S2,000 $9,000 an $5,000 S8,000 N/A $8,000 $6,000 $2,000 $100 S50 S30