Ms. Daniels owns all of the outstanding shares of Daniels Inc., a CCPC.  The shares have a PUC of $390,000 and an adjusted cost base of $545,000.  Because it has recently consolidated its operations, Daniels Inc. pays a liquidating dividend of $299,000, accompanied by a PUC reduction of $217,000.  

What are the tax consequences of this distribution to Ms. Daniels?

Answer rating: 100% (QA)

Solution The tax consequences of this distribution to Ms Daniels a... View the full answer