A Review of Net Income for Tax Purposes Mr. Active has the following financial activities for 2021. 1. In 2021, Active purchased 1,000 shares of Canadian public corporation X for $20 per share and received a stock dividend of 1,000 additional shares of the same class. During the year, he sold the 1,000 shares at $24 per share, for the same value as on their date of issue. 2. During the year, Active gifted 1,000 shares of Shell Canada Ltd. (a public corporation) to his daughter. The shares had cost him $10 each and had a value at the time of the gift of $14 each. In 2021, his daughter (16 years old) received dividends of $3,000; she then sold the shares for $30 each. 3. In 2021, Active gifted 2,000 shares of Exxon Ltd. (a public corporation) to his wife. The shares had a value of $40 each at the time of the gift. He had paid $30 per share several years before. His wife sold the shares in 2021 for $24 per share during a market slump. 4. Actives mother died in 2020 and left him her house. The house cost $40,000 at the time of purchase and had a value in 2020 of $60,000. Active sold the house in 2021 for $66,000. 5. Three years ago, Active purchased 15% of the shares of two private corporations. Each carried on an active business. He sold the shares of both corporations in 2021. Information relating to the shares is as follows: PC 1 PC 2 Cost $44,000 $31,000 Proceeds of sale 56,000 20,000 Terms of payment $8,000/yr for 7 yrs All cash 6. In 2021, during a market slump, Active sold 500 shares of public corporation A for $30,000; the shares had cost him $40,000. Two weeks later, as the market began to strengthen, he purchased 500 shares of the same corporation for $29,000. 7. Active also sold the following assets in 2021: Cost Proceeds Public corporation B shares $10,000. $12,400. Public corporation C shares 47,500. 16,000. Stamp collection 8,000. 11,600. Jewellery 6,000. 1,000. Boat 5,000. 2,000. Stereo set 400. 700. 8. Active had the following additional receipts in 2021: Interest on bonds 50,000. Lottery winnings 6,000 9. Active paid out the following in 2021: Lump-sum alimony settlement to ex-wife 9,000 Contribution to an RRSP 2,600 Required: Calculate Actives net income for tax purposes for 2021