Calculate Doug's Minimum Net Income for Tax Purposes and Taxable Income for 2020

The following information is for Doug Santiago for the year ending December 31, 2020: Doug sold shares of Flop Inc., a small business corporation that did not qualify for the lifetime capital gains deduction. The shares had cost $345,000. The net proceeds of disposition were $78,000. Doug sold shares of Flip Inc., a qualified small business corporation, for $480,000. The adjusted cost base of these shares was $187,000. Selling costs were $4,000. Doug had net employment income of $142,000. At the end of 2020, Doug had a Cumulative Net Investment Loss of $2,300. On January 1, 2020, Doug had a net capital loss carry forward of $3,400 [(1/2)($6,800)]. Doug has used the ITA 110.6 lifetime capital gains deduction to eliminate a 2012 capital gain of $29,500, as well as a 2015 capital gain of $49,000. Doug has not deducted any other amounts under ITA 110.6 in the years prior to 2020. Required: Calculate Doug's minimum Net Income For Tax Purposes and Taxable Income for 2020. Provide all of the calculations required to determine the maximum ITA 110.6 deduction assuming that Doug would prefer to make the maximum deduction of his net capital loss carry forward, prior to making any use of the lifetime capital gains deduction. The following information is for Doug Santiago for the year ending December 31, 2020: Doug sold shares of Flop Inc., a small business corporation that did not qualify for the lifetime capital gains deduction. The shares had cost $345,000. The net proceeds of disposition were $78,000. Doug sold shares of Flip Inc., a qualified small business corporation, for $480,000. The adjusted cost base of these shares was $187,000. Selling costs were $4,000. Doug had net employment income of $142,000. At the end of 2020, Doug had a Cumulative Net Investment Loss of $2,300. On January 1, 2020, Doug had a net capital loss carry forward of $3,400 [(1/2)($6,800)]. Doug has used the ITA 110.6 lifetime capital gains deduction to eliminate a 2012 capital gain of $29,500, as well as a 2015 capital gain of $49,000. Doug has not deducted any other amounts under ITA 110.6 in the years prior to 2020. Required: Calculate Doug's minimum Net Income For Tax Purposes and Taxable Income for 2020. Provide all of the calculations required to determine the maximum ITA 110.6 deduction assuming that Doug would prefer to make the maximum deduction of his net capital loss carry forward, prior to making any use of the lifetime capital gains deduction