What are tax consequences to mr chui as a result of exchange, Taxation

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What are tax consequences to mr chui as a result of exchange

Problem

Aaron Chui owned some Class A preferred shares of a corporation that reorganized its capital structure. He exchanged all these shares which had an adjusted cost base and paid-up capital of $20,000 and a fair market value of $30,000 for the following consideration:

Cash $6,750 Fair market value of Class B preferred shares (LSC: $10,000) Fair market value of common shares (LSC: $3,250).

Task

What are the tax consequences to Mr. Chui as a result of this exchange?

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Taxation: What are tax consequences to mr chui as a result of exchange

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Taxation: What are tax consequences to mr chui as a result of exchange

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