Anna and Fred formed a tax consulting partnership on February 1, 2017. Each partner contributed $50,000 in return for an equal share of the profits from the partnership. On January 1, 2021, Stan sold his interest to Julie for $150,000. The following is the income statement of the partnership: Anna and Fred Income Statement For the year ended December 31, 2020 Gross revenue $424,400 Expenses: Office expenses $69,000 Rent 58,300 Office salaries 74,300 Charitable donations 10,600 Amortization (Note 1) 23,300 Meals and entertainment 15,000 250,500 173,900 Other income: Gain on sale of shares (Note 2) $84,800 Dividends from Canadian-resident public corporations 40,000 Capital dividends 17,000 141,800 Net income $315,700 Notes: 1. Capital cost allowance (CCA) for 2020 was $40,300. 2. The capital gain for tax purposes is the same as the financial accounting gain. In 2020, each partner drew $132,000. Prior year financial statements of the partnership provided the following information for the following years ended December 31: 2017 2018 2019 Business income (loss) $(70,000) $127,300 $159,100 Taxable capital gains - 12,800 - Charitable donations - 4,200 8,400 Drawings Anna24,000 48,000 60,000 Drawings Stan 24,000 48,000 72,000 The following applies to Fred in 2020: (a) he personally received cash dividends (eligible) from Canadian-resident public corporations in the amount of $10,345; (b) he is entitled to the federal personal tax credit of $1,984 for a single person; (c) he has a net capital loss of $80,000 carried forward from 2015; and (d) he will pay personal federal income tax of $17,230 + 26% of the balance of taxable income in excess of $97,070. Required: Compute Fred's basic federal tax payable for 2020, showing all calculations, including partnership income for the year and the adjusted cost base (ACB) of Stans partnership interest immediately before the sale