AP 8-8 (Personal-Use Property) Mr. Firenza owns a number of personal-use properties, all of which were purchased 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 properties he plans to sell in the current year are the following: - 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 cur rent 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 $17,600. He believes that the coins can be sold without incurring any selling expenses. - 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 panting 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 expenses, would be $123,000. - An antique desk acquired for $600. He believes that it could be sold for $2,200 and that no selling expenses would be incurred. Required: Mr. Firenza has asked you to determine the amount that would have to be included in his net income if 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