Jai Raines Is the Sole Shareholder of Jai Ltd

Jai Raines is the sole shareholder of Jai Ltd.Summer Kauffman is the sole shareholder of SK Co.Both of the companies are CCPCs.Jai and Summer will amalgamate their corporations as per Section 87(1) on July 21^st, 2020, forming RK Ltd.Jai's shares in Jai Ltd.have an ACB of $1,000 and a fair market value of $24,500.Summer's shares in SK Co.have an ACB of $1,500 and a fair market value of $45,500.Which of the following will apply with respect to the planned amalgamation?

A) RK Ltd.'s first taxation year will commence on July 22^nd.
B) All carry forward balances in Jai Ltd.and SK Co.are deemed to have expired prior to the amalgamation.
C) The ACB of Jai's and Summer's shares in SK Co.will be $24,500 and $45,500 respectively.
D) Summer will control SK Co.after the amalgamation.