Janko Corp. has transferred three assets to Jumbo Corp., a Canadian controlled private corporation, under section 85 of the Income Tax Act. The following
assets were transferred:
Required:
Determine the following amounts:
a) The minimum amount that Janko may elect to transfer each asset.
b) Janko's income or loss for tax purposes
c) Jumbo's ACB for the assets acquired.
d) The ACB of the shares received by Janko.
e) The PUC of the shares received by Janko.

Question

Janko Corp. has transferred three assets to Jumbo Corp., a Canadian controlled private corporation, under section 85 of the Income Tax Act. The following
assets were transferred:
  Required:
Determine the following amounts:
a) The minimum amount that Janko may elect to transfer each asset.
b) Janko's income or loss for tax purposes
c) Jumbo's ACB for the assets acquired.
d) The ACB of the shares received by Janko.
e) The PUC of the shares received by Janko.

Quizplus · Accepted Answer

The Answer of Janko Corp. has transferred three assets to Jumbo Corp., a Canadian controlled private corporation, under section 85 of the Income Tax Act. The following
assets were transferred:
  Required:
Determine the following amounts:
a) The minimum amount that Janko may elect to transfer each asset.
b) Janko's income or loss for tax purposes
c) Jumbo's ACB for the assets acquired.
d) The ACB of the shares received by Janko.
e) The PUC of the shares received by Janko.