Your client, Mr. A, a Canadian resident, owned all of the issued shares of ABC Ltd., which carries on an electrical service business. The taxation year-end of the corporation was September 30. On your advice, he agreed to sell all of the assets of the company (except the cash) to one purchaser for $1,215,000. The sale was effective September 30,

Sep 8, 2023

Your client, Mr. A, a Canadian resident, owned all of the issued shares of ABC Ltd., which carries on an electrical service business. The taxation year-end of the corporation was September 30. On your advice, he agreed to sell all of the assets of the company (except the cash) to one purchaser for $1,215,000. The sale was effective September 30, 2021. In the 2021 taxation year, the business broke even for tax purposes.

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Your client, Mr. A, a Canadian resident, owned all of the issued shares of ABC Ltd., which carries on an electrical service business. The taxation year-end of the corporation was September 30. On your advice, he agreed to sell all of the assets of the company (except the cash) to one purchaser for $1,215,000. The sale was effective September 30,
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 The following was the balance sheet for ABC with the fair market value (FMV) of assets as indicated in the photos included: 

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