Irene died in the current year. At the time of her death she owned the following assets:
• Antique furniture (FMV $30,000; cost $10,000)
• Rental property—land (FMV $100,000; cost $60,000); building (FMV $60,000; cost
$50,000; UCC $45,000)
• RRSP (FMV $80,000)
In her will, Irene directed her executors to transfer the antique furniture to her husband and the rental property to her son. Her husband was the named beneficiary on her RRSP.
Determine the tax implications for the above assets on Irene’s death. Income tax reference: ITA 60(l), 70(5), 70(6).