Carl Kay is the vice$-$president of KM Ltd$.,$ a Canadian$-$controlled private corporation located in Halifax, Nova Scotia. KM operates a real estate development business constructing and selling commercial buildings and residential apartments. Carl's $2023$ financial transactions include the following:

Carl receives a salary of $$95,000$ from KM$.$ From this amount, KM deducted El and CPP of $$4,756($includes CPP enhanced contributions of $$631)$ and income tax of $$21,000.$ The company provides him with a car that cost $$40,000$ and that has an undepreciated capital cost of $$18,000.$ The operating costs of $$3,000$ were paid by KM$.$ In $2023,$ Carl drove the car $20,000km,$ of which $8,000km$ were for employment purposes. KM contributed $$4,000$ on Carl's behalf to a deferred profit$-$sharing plan. Although KM does not have a group life insurance plan, it pays Carl's personal life insurance premium of $$1,000($coverage $$75,000.$

During the year, Carl sold $1,000$ shares of KM Ltd$.$ for $$10$ per share. He had acquired the shares three years earlier for $$6$ per share as part of a company stock$-$option plan. At the time of purchase, the shares were valued at $$7$ per share.

In $2022,$ Carl constructed a $10-5$uite apartment block. He sold the property in $2023$ for $$800,000,$ which was $$150,000$ more than the original land and building cost. He received $$80,000$ of the proceeds in cash, with the balance due in five annual instalments beginning in $2024.$ The property incurred a net rental loss of $$7,000($before amortization$).$

Carl sold his summer cottage for $$90,000$ after it was announced that a waste disposal site would be developed in the area. He purchased the cottage six years earlier for $$120,000.$

In $2020,$ Carl loaned $$16,000$ to Alloy Ltd$.,$ a Canadian$-$controlled private corporation. All of the company's assets are used in an active business. The $2022$ interest of $$1,400,$ which Carl included in income, has not been received. The company is in severe financial difficulty and may not survive beyond next year.

Carl sold shares of a public corporation, purchased in $2021$ for $$12,000,$ for $$20,000.$

In November, Carl received a legal bill for $$2,000$ relating to a dispute over a tax reassessment. Carl paid $$1,200$ in December $2023$ and the balance in January $2024.$

Carl received eligible dividends of $$2,000$ and non$-$eligible dividends of $$1,000$ from Canadian corporations and $$1,800$ from a foreign corporation. The foreign corporation remitted a $10\%$ withholding tax to its government.

Carl celebrated his $65$th birthday in December $2023.$ He supports his spouse, who is retired. His spouse has interest income of $$4,000$ in $2023.$ During the year, Carl made gifts of $$3,000$ to a local charity. He paid tuition fees of $$900$ to attend a three$-$month evening course at a university.

Carl has used his entire capital gains deduction. At the end of $2022,$ he has unused net capital losses of $$12,000$ and non$-$capital losses of $$7,000.$

Required: Carl's $2023$ net income for tax purposes, Carl's taxable income, and, Thefederal income tax.