Yes, transfer of GW to Incorporated business.
I can complete an s.85, but the question is what do I value GW @ (e.g. 1x yearly sales)?
What I’ve seen is an S.85 completed for GW e.g. $15,000.000, however, on BS - GW has a value of $1 what would you recommend?
To explain, on form T2057 the following is entered under section “Description of shares received”
Number of shares transferor received: 1
Class of shares: Class A preferred (depends on the share type in the articles)
Redemption value: e.g. $15,000.00
Paid-up capital under ITA: $1.00.
To continue, under section Particulars of eligible property disposed of and consideration received (ECE)
Agreed amount: $1
Amount to be reported: $1
Consideration received (non share) Description: $1
Consideration received (share) number and class: 1 class A share
Consideration received (FMV) of total consideration: $15,000.00
Is this how you would complete the form for this scenario?