AP 8-8 (Personal-Use Property) Mr. Firenza owns a number of personal assets, all of which were acquired while he was a resident of Canada. As he plans to spend the next five years travelling around the world, he will be converting most of his possessions to cash. The assets he plans to sell in the current year can be described as follows: . A vintage automobile that has been restored to near-new condition. He acquired the vehicle for $42,000 and has spent $135,000 on the restoration process. He estimates the current FMV of the automobile to be $320,000. An extensive coin collection, which has a current FMV of $23.500. The total cost of all of the coins is $17600. He believes that the coins can be sold without incurring any selling costs. A rare seventeenth-century manuscript that he inherited from his mother when she died a few years ago. His mother had paid $4,000 for the manuscript and, at the time of her death, it had an estimated FMV of $42,000. However, since he inherited the manuscript several other copies of the same manuscript have been found and, as a consequence, its FMV has fallen to $8,500 A Lawren Harris oil painting that he acquired for $275,000. While he believes it could be sold at auction for $350,000, the auction house will charge a commission of 20% of the sales price. A sailboat that cost $162,000. He estimates that its current FMV, net of selling costs, would be $123,000. An antique desk acquired for $600. He believes that it could be sold for $2,200 and that no selling costs would be incurred. Required: Mr. Firenza has asked you to determine the amount that would have to be included in his net income it all of these personal-use properties were sold for their estimated values. Indicate any amounts that may be available for carry over to other years