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Max owns land with an adjusted cost base of $250,000 and...

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Accounting

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Max owns land with an adjusted cost base of $250,000 and a fair market value of $320,000. He sells the land to his son for $250,000. Which of the following statements is correct? -Max will have a taxable capital gain of $35,000 and the adjusted cost base of the land to his son will be $250,000. -Max will have a taxable capital gain of $70,000 and the adjusted cost base of the land to his son will be $250,000. -Max will have a taxable capital gain of $35,000 and the adjusted cost base of the lanc to his son will be $320,000

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