OLM Corporation is owned by 100% by Margo. The company undergoes a corporate reorganization ander ITA...
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OLM Corporation is owned by 100% by Margo. The company undergoes a corporate reorganization ander ITA 86. Margo holds 9,000 common shares and has an adjusted cost base in the shares of $58,000. He exchanges the common shares for 14,000 new preferred shares as well as a vehicle owned by the company. The vehicle has an adjusted cost base to the company of $14,000 and fair value of $12,000. What is Margo's adjusted cost base in the new preferred shares? Choose the correct answer. A. $44,000 B. $46,000 OC. $116,000 D. $58,000 OLM Corporation is owned by 100% by Margo. The company undergoes a corporate reorganization ander ITA 86. Margo holds 9,000 common shares and has an adjusted cost base in the shares of $58,000. He exchanges the common shares for 14,000 new preferred shares as well as a vehicle owned by the company. The vehicle has an adjusted cost base to the company of $14,000 and fair value of $12,000. What is Margo's adjusted cost base in the new preferred shares? Choose the correct answer. A. $44,000 B. $46,000 OC. $116,000 D. $58,000
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Related Book For
Canadian Income Taxation planning and decision making
ISBN: 9781259094330
17th edition 2014-2015 version
Authors: Joan Kitunen, William Buckwold
Posted Date:
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