Mrs$.$ Morris owns $10,000$ shares of Merryweather Farms, a Canadian public company. The cost of these shares was $$150,000.$

On August $31$ of the current year, Mrs$.$ Morris gifts $5,000$ of the shares to her spouse Mr$.$ Morris and the other $5,000$ shares to her $15$ year old daughter, Martha. The FMV of the shares at the time of the gift is $$20$ per share. Mrs$.$ Morris does not opt out of ITA $73(1).$

Merryweather Farms declares eligible dividends of $$1$ per share on September $30$ of the current year. The dividends are paid on October $15.$ On December $1$ of the current year, Mr$.$ Morris sells his $5,000$ shares at $$22$ per share and on December $15$ of the current year, Martha sells her $5,000$ shares for $$26$ per share.

Required:

For Mrs$.$ Morris, Mr$.$ Morris, and her daughter Martha, determine the income tax consequences for each of the following transactions:

The gift of the shares

The receipt of the dividends

The sale of the shares