Using ITA 85, Mrs. Jennifer Lee transfers non-depreciable capital property to a corporation at an elected value of $62,000. The property has an adjusted cost base of $62,000 and a fair market value of $176,000. As consideration, she receives a note for $51,000, preferred shares with a fair market value of $53,000, and common shares with a fair market value of $72,000. Indicate the adjusted cost base of the individual items of consideration received by Mrs. Lee.

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The adjusted cost base of the note is 51000 the adjusted cost base of the preferred shares is 5... View the full answer