In $2023,$ Mr$.$ Mark Graber sells non$-$depreciable capital property to an existing corporation in which he is the sole shareholder. The sale is made using the rollover provisions of ITA $85(1).$ The corporation has a calendar$-$based December $31$ taxation year end. The property has an ACB of $$342,000$ and Mr$.$ Graber believes that it has an FMV of $$560,000.$ Reflecting this view, he takes back a promissory note with an FMV of $$560,000$ and one preferred share with a nominal value. He reports a taxable capital gain of $$109,000[(1/2)($$$560,000-$ $$342,000)]$ in his $2023$ income tax return. In $2024,$ the CRA reassesses on the basis that the FMV of the property was only $$475,000$ at the time of the sale. Mr$.$ Graber accepts this reassessed value and does not file an objection. There was no price adjustment clause $($PAC$)$ written into the purchase and sale agreement nor was there a valuation report prepared by an independent appraiser. Required: A$.$ Determine the income tax consequences to Mr$.$ Graber that will result from the sale of the property to the corporation in $2023$ and the subsequent reassessment in $2024.$ B$.$ Indicate the tax cost of the consideration received subsequent to the reassessment. Provide proper calculations.