Robert Baker owns a controlling interest in Six Sixty-One Ltd. and, therefore, is not at arm s
Question:
Robert Baker owns a controlling interest in Six Sixty-One Ltd. and, therefore, is not at arm s length with the corporation. His present common shares have a PUC and adjusted cost base of $2,500 and a fair market value of $3,700. The corporation is in the process of reorganizing its capital structure and will exchange these shares for the following package of consideration:
REQUIRED
Determine the tax consequences to Mr. Baker as a result of the capital reorganization.
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Calculation Procedure Step 1 Issuance of new shares 1 Reduced PUC The primary objective of this calc...View the full answer
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Related Book For 
Introduction To Federal Income Taxation In Canada 2016-2017
ISBN: 9781554968725
37th Edition
Authors: Robert E. Beam, Stanley N. Laiken, James J. Barnett
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