Using ITA 85, Tom Leung transfers non-depreciable capital property to a corporation at an elected value of $86,800. The property has an adjusted cost base of $86,800 and a fair market value of $246,400. As consideration, he receives a note for $71,400, preferred shares with a fair market value of $74,200, and common shares with a fair market value of $100,800. Indicate the adjusted cost base of the individual items of consideration received by Mr. Leung.

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The Answer of Using ITA 85, Tom Leung transfers non-depreciable capital property to a corporation at an elected value of $86,800. The property has an adjusted cost base of $86,800 and a fair market value of $246,400. As consideration, he receives a note for $71,400, preferred shares with a fair market value of $74,200, and common shares with a fair market value of $100,800. Indicate the adjusted cost base of the individual items of consideration received by Mr. Leung.

Using ITA 85, Tom Leung Transfers Non-Depreciable Capital Property to a Corporation