ABC Inc. operates two separate lines of business - a fashion design business and an investment firm. During the year ended December 31, 2021, the company lost $3 million from the fashion design business and earned a profit of $1 million from the investment firm. The $2 million non-capital loss could not be carried back, and as a result it was carried forward.

On January 1, 2022, ABC Inc. is acquired by another company - i.e. Acquisition of control.

During the 2022 year, the fashion design business lost $1.5 million while the investment firm earned $4 million.

Determine the minimum taxable income for 2022.....................[a]