Sharon Cloutier is semi-retired and sits on the board of directors of several Canadian public corporations. A summary of her 20X0 financial activity is presented below.

Interest on long-term bonds………………    $20,000

Gain on sale of farmland (Cloutier acquired the farmland three years ago with the intention of subdividing it into building lots for resale but sold it in 20X0 after losing a rezoning application.) ………………………………13,000

Director’s fees from public corporations………………        22,000

Gain on sale of public corporations shares………………     16,000

Legal fees paid to collect a bonus on a former employment contract……    2,000

Legal fees paid to dispute an income tax reassessment………………          1,500

Loss on sale of shares of a Canadian-controlled private corporation that qualifies as a small business corporation………………      8,000

Loss on sale of public corporation shares………………       20,000

Share of the operating loss from a partnership that operates a small grain farm with hired help………………………………                 18,000

Qualified moving expenses…………             1,000

Required:

Determine Cloutier’s income for tax purposes in accordance with section 3 of the Income Tax Act.