Sam owns all of the shares of X Ltd. Sofia owns all of the shares of Y Ltd. The owners plan to combine their businesses by amalgamating the two corporations on September 1st of the current year. The shares of X have an ACB of $2,000 and are currently worth $100,000. The shares of Y have an ACB of $4,000 and are currently worth $130,000. X and Y are both Canadian corporations and have a December 31 taxation year-end. What is the ACB of the shares of the amalgamated corporation received by Sam? $

Sam owns all of the shares of X Ltd. Sofia owns all of the shares of Y Ltd. The owners plan to combine their businesses by amalgamating the two corporations on September 1st of the current year. The shares of X have an ACB of $2,000 and are currently worth $100,000. The shares of Y have an ACB of $4,000 and are currently worth $130,000. X and Y are both Canadian corporations and have a December 31 taxation year-end. What is the ACB of the shares of the amalgamated corporation received by Sam? $

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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