Deemed Dividend Problem (10 points) After selling its assets and paying all of its liabilities, a corporation has cash of $1,237,000 available for distribution to its only shareholder. The corporation was established 10 years ago with an investment of $189,000. This figure is both the PUC and the adjusted cost base of the shares. The balance in the capital dividend account is $140,000 and the company makes the appropriate election to have the distribution of this amount be treated as a capital dividend under ITA 83(2). Required: Determine the tax consequences of distributing the $1,237,000 to the corporation's only shareholder. Be sure to show Wind-up/Taxable dividend amount (before gross-up) and any capital gain to the shareholder. Show your full calculations full calculations in Excel - Round your answers to the nearest dollar amount if applicable. Do not enter any responses in BB. Deemed Dividend Problem (10 points) After selling its assets and paying all of its liabilities, a corporation has cash of $1,237,000 available for distribution to its only shareholder. The corporation was established 10 years ago with an investment of $189,000. This figure is both the PUC and the adjusted cost base of the shares. The balance in the capital dividend account is $140,000 and the company makes the appropriate election to have the distribution of this amount be treated as a capital dividend under ITA 83(2). Required: Determine the tax consequences of distributing the $1,237,000 to the corporation's only shareholder. Be sure to show Wind-up/Taxable dividend amount (before gross-up) and any capital gain to the shareholder. Show your full calculations full calculations in Excel - Round your answers to the nearest dollar amount if applicable. Do not enter any responses in BB