1- Does my client need to file T2057? Does he need to make any election under Subsection 85? if yes, can I just use the dispostion value as the UCC at end of Feb 07? or my client needs to go throught he process of getting the fair market value and all that stuff. Would there be any legal CRA implications on not doing the Subsection 85 election? Do I need to involve a lawyer in doing Subsection 85?
OR - Could I just Debit Assets and Credit Shareholder account in the books of the new company for the value of UCC at Feb 07? Would this be advisable? Thanks
The equipment in question is just 2 trucks and 2 trailers which are old models and more than one year old.
Your assistanc and advise would be greatly appreciated.