Question $3(10$ marks$)$

Christine Rue sells a non$-$depreciable capital property to a corporation, using the

provisions of ITA $85(1).$ The property has FMV of $$342,000$ and an ACB of $$111,000$

She uses an elected amount of $$111,000.$ As consideration, Christine receives

Cash of $$21,000$

Preferred shares with FMV of $$50,000.$

Common shares with FMV of $$271,000$

Required:

Indicate the ACB and the PUC of the preferred shares and common shares that were

issued to Christine