3. General and administrative expenses included: Depreciation 29,000 4. Other income includes: Gain on disposal of indefinite life license (POD $44,000, purchased in 1995 for $20,000) $5,000 Gain on disposal of truck (POD $10,000, NBV $7,500) $2,500 Interest income 3,000 5. The truck sold during the year had an original cost of $15,000. A replacement truck was purchased in the year at a cost of $20,000. 6. The corporation has operated from leased premises since 2005 when it spent $30,000 on infrastructure during the first year of a five-year lease with two three-year renewal options. During 2007, improvements were made to the premises at a cost of $6,000. 7. In 1991 , the corporation purchased goodwill for $36,000 and an indefinite-term license for $20,000. The balance in the CEC account on January 1, 2007 was $20,327. The 2006 T2 Schedule 8 prepared by the corporation indicates that at December 31, 2006, the corporation had the following undepreciated capital cost balances: Office equipment $43,000 Trucks 64,000 Leasehold improvements 25,500 Required calculate the minimum income for business or property of the company for the year ended December 31 , 2007 under the provisions of the Income Tax Act