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Jan is the sole shareholder of Jan Ltd$.$ Summer is the sole shareholder of SKY Co$.$ Both of the companies are CCPCs$.$ Jan and Summer will amalgamate their corporations as per Section $87(1)$ on July $21$st$,$ forming JS Ltd$.$ Jan's shares in Jan Ltd$.$ have an ACB of $$1,000$ and a fair market value of $$24,500.$ Summer's shares in SKY Co$.$ have an ACB of $$1,500$ and a fair market value of $$45,500.$ Which of the following will apply with respect to the planned amalgamation?

JS Ltd$.\text{'}$s first taxation year will commence on July $22$nd$.$

All carry forward balances in Jan Ltd$.$ and SKY Co$.$ are deemed to have expired prior to the amalgamation.

The ACB of Jan's and Summer's shares in JS Ltd$.$ will be $$24,500$ and $$45,500,$ respectively.

Summer will control JS Ltd$.$ after the amalgamation.