Makeda Kemal Has Operated a Proprietorship for Five Years and Has

Makeda Kemal has operated a proprietorship for five years and has decided to incorporate the company this year.The following assets will be transferred to the corporation:
$$\begin{array} { | l | r | r | } \hline & \text { UCC/ACB } &{ \text { FMV } } \\\hline \text { Land } & \$ 50,000 & \$ 200,000 \\\hline \text { Building (capital cost } \$ 120,000 ) & 100,000 & 140,000 \\\hline \text { Equipment (capital cost } \$ 100,000 ) & 75,000 & 75,000 \\\hline \text { Goodwill } & \text { NIL } & 20,000 \\\hline\end{array}$$ The transfer will also include the company's inventory and accounts receivables.The inventory originally cost $25,000 and has a fair market value of $30,000.The accounts receivable have a fair market value of $10,000 and a cost of $12,000.
Makeda wishes to minimize the tax effect of this business decision using a Section 85 rollover where beneficial.Makeda will receive the maximum non-share consideration possible and the remainder of the transfer in preferred shares for assets transferred using Section 85.Any other assets will be transferred for non-share consideration.
Required:
A.What is the elected value for each of the assets transferred under Section 85?
B.What is the value of the non-share consideration that Makeda will receive for those assets benefitting from Section 85? (Show the amounts for each asset, and the total for all.)
C.What is the value of the preferred shares that Makeda must receive in order to defer any income inclusions from the assets that will benefit from Section 85? (Show the amounts for each asset, and the total for all.)
D.Identify any asset(s) not included in your previous answers, and briefly explain why they were excluded.(< 20 words per asset)
E.If Makeda elects to transfer the accounts receivable using a Section 22 election, what is the amount of Makeda's business loss that will be included in the corporation's income?
(Work must be shown for marks to be awarded.)