A Canadian-controlled private corporation (CCPC) with $5,000 of paid-up capital and $30,000 of retained earnings, is being wound-up in 2020. All the corporation's income has been eligible for the small business deduction (SBD). The sole shareholder will receive $35,000 on the wind-up. If the adjusted cost base (ACB) of the shares was $15,000 and he had no other income, what would be his net income for tax purposes?

a) $30,000 as a taxable dividend

b) $10,000 as a taxable capital gain

c) $23,000 as a taxable dividend

d) $34,500 as a taxable dividend