In the current year, Tom sold a building which he owned personally to a corporation wholly owned by him and his wife. The corporation paid Tom $400,000 for the building. Tom purchased the building some years ago for $250,000. The UCC of the building at the beginning of the current year was $200,000. Tom does not deal at arms length with the corporation. Determine the tax consequences for Tom and the corporation. Income tax reference: ITA 13(7)(e); Reg 1100(2.2).