Janko Corp. has transferred the following three assets to Jumbo Corp., a Canadian controlled private corporation, under section 85 of the Income Tax Act.
Required:
Determine the following amounts:
A) The minimum amount that Janko may elect to transfer each asset in the rollover based on the information provided
B) Janko's income or loss for tax purposes as a result of the rollover
C) The ACB of the shares received by Janko following the rollover
D) The PUC of the shares received by Janko following the rollover
Definitions:
Peripartum
refers to the period shortly before, during, and immediately after childbirth.
Catatonic
A state of psycho-motor immobility and behavioral abnormality marked by stupor, rigidity, or even excessive, pointless motor activity.
Basal Ganglia
Groups of neurons located deep within the cerebral hemispheres involved in controlling movement and coordination.
Gray Matter
The darker-colored areas of the brain and spinal cord, consisting mainly of neuronal cell bodies and branching dendrites.
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