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Your client, I.M$.$ Dunn, a Canadian resident, owned all of the issued shares of Beenthere Dunnit Ltd$.($BDL$),$ which has carried on a manufacturing operation. The taxation year$-$end of the corporation was September $30.$ On your advice, he agreed to sell all of the assets of the company $($except the cash$)$ to one purchaser for $$1,215,000.$ The sale was effective September $30,2008.$ In the $2008$ taxation year, manufacturing operations broke even for tax purposes. The following is the balance sheet for BDL with the fair market value $($FMV$)$ of assets as indicated:

$\backslash$table$[[\backslash$table$[[$Beenthere Dunnit Ltd$.$ BALANCE SHEET$],[$As at September $30,2008]]],[$Assets$,,,$FMV$],[$Current:$],[$Cash$,,$$$,],[,74,000,],[$Marketable securities$,,25,000,$$$],[,,15,000],[$RDTOH$,,13,000,],[$Accounts receivable,$ $176,000,,],[$Less: reserve for doubtful debts,$6,000,170,000,172,000],[$Inventories$,$ at cost$,,230,00,240,000],[,0,],[,$$$,],[,512,000,],[$Property and plant$],[$Land$,$ at cost$,,60,000,110,000],[$Buildings & equipment, at cost $($Note $1),$$ $750,000,,],[$Less accumulated amortization,$290,000,460,000,490,000],[$Intangibles$,$ at cost $($Note $1),$$ $100,000,,],[$Less accumulated amortization,$57,500,42,50,188,00],[,,0,0],[,,$$$1,074,50,$$$1,215,00],[,,$O$,$O$],[$Liabilities & Shareholder's Equity$],[$Current liabilities,,$$,],[,208,000,],[$Future income taxes,,$20,000,],[$Shareholder$\text{'}$s equity$],[$Common share capital$],[$Authorized $-50,000$ shares$],[$Issued $-1,000$ shares,$ $1,000,,],[$Retained earnings $($Note $2),845,500,846,50,],[,0,],[,$$$1,074,50,],[,$O$,]]$

Additional Information:

The tax values of all assets are identical to amounts for book purposes, except for the building and equipment and the intangibles. The following pertains to these assets:

$\backslash$table$[[,$Cost,UCC,FMV$],[$Building$,$$$600,000,$$$304,000,$$$423,000$