In an ITA 85(1)rollover, any required PUC reduction will be allocated first to preferred shares issues, with any remaining balance allocated to common shares issued.

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Under an ITA 85(1) rollover, the required PUC (Paid-Up Capital) reduction is not specifically allocated first to preferred shares and then to common shares. The allocation of PUC reduction depends on the terms of the rollover agreement and the corporate structure, rather than a predetermined order of share classes.

In an ITA 85(1)rollover, Any Required PUC Reduction Will Be