iClicker Poll Question $17-3$ Ms$.$ Gladys Canby is the sole shareholder of Back to the Futon Ltd$.$ Back to the Futon Ltd$.$ is a CCPC and its common shares have a FMV of $$2,950,000,$ an ACB of $$1,375,000,$ and a PUC of $$1,375,000.$ At this time, Back to the Futon Ltd$.$ has no balance in its GRIP account. Ms$.$ Canby exchanges all of her shares of Back to the Futon Ltd$.$ for cash of $$1,375,000$ and preferred shares redeemable for $$1,575,000$ using ITA $86.$ Identify the tax consequences related to the transaction. Next, determine the PUC of the redeemable preferred shares. RW Lecture Notes $-$ Chapter $17($c$)2025$ Richard Wong, FMGT $741035$ Ms$.$ Gladys Canby is the sole shareholder of Back to the Futon Ltd$.$ Back to the Futon Ltd$.$ is a CCPC and its common shares have a FMV of $$2,950,000,$ an ACB of $$1,375,000,$ and a PUC of $$1,375,000.$ At this time, Back to the Futon Ltd$.$ has no balance in its GRIP account. Ms$.$ Canby exchanges all of her shares of Back to the Futon Ltd$.$ for cash of $$1,375,000$ and preferred shares redeemable for $$1,575,000$ using ITA $86.$ Identify the tax consequences related to the transaction. Next, determine the PUC of the redeemable preferred shares.