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
Correct Answer:
Verified
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