Which of the following is NOT an advantage that can be obtained by using ITA 85.1 in a situation where a diverse group of shareholders will exchange their shares in one company for shares in an acquiring corporation?

There is no need for each shareholder to file an election, the provisions of ITA 85.1 apply automatically

Individual vendors may choose to defer the gain from the transaction in their income.

The vendor can receive cash equal to an amount of the PUC of the shares tax-free.

Individual vendors may choose to include the gain or loss from the transaction in their income.