Carl Kay is the vice-president of KM Ltd., a Canadian-controlled private corporation located in Halifax, Nova Scotla. KM operates a real estate development business constructing and selling commercial buildings and residential apartments. Carl's 2020 financial transactions include the following: Carl received 3 salary of $95.000 from KM. From this amount, KM deducted El and CPP of $3,754 (includes CPP enhanced contributions of $166) and Income tax of $19,000. The company provided 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 2020. Carl drove the car 20.000 kilometres, of which 8,000 kilometres was for employment purposes. KM contributed $4.000 on Cari's behait to a deferred profit sharing plan. Although KM does not have a group life Insurance plan, It paid Cari's personal life Insurance premium of $1000 (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 earller 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 2020. Cari constructed a 10-sulte apartment block. He sold the property In 2020 for $800,000, which was $150,000 more than the original land and building cost. He received $90,000 of the proceeds In cash, with the balance due in five annual Instalments beginning in 2021. 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 had purchased the cottage six years earlier for $120,000 In 2017, 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 2019 Interest of $1400. 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 2019 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 2020 and the balance in January 2021. 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. Cari celebrated his 65th birthday In December 2020. He supports his spouse, who is retired. His spouse had Interest Income of $4.000 in 2020. During the year, Cari made gifts of $3,000 to a local charity. He paid tuition fees of $900 to attend 3 3-month evening course at a university Carl has used his entire capital gain deduction. At the end of 2020, he had unused net capital losses of $12000 and non-capital losses of $7,000 Required: Calculate Carl's minimum 2020 net Income for tax purposes, taxable income, and federal Income tax. Segmenta Employment Income: 0 Net Employment income Business Income: Net Business Income Property Income: 0 Net Property Income Segment B Taxable capital gains and Allowable capital 102889 Segment B Sub Total allowed Segment Segment Net Income for Tax purposes Taxable income Taxable Income from above Federal income tax Deduct non-refundable credite: Subtotal $ * 15% Basic Federal Tax Federal tax payable Carl Kay is the vice-president of KM Ltd., a Canadian-controlled private corporation located in Halifax, Nova Scotla. KM operates a real estate development business constructing and selling commercial buildings and residential apartments. Carl's 2020 financial transactions include the following: Carl received 3 salary of $95.000 from KM. From this amount, KM deducted El and CPP of $3,754 (includes CPP enhanced contributions of $166) and Income tax of $19,000. The company provided 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 2020. Carl drove the car 20.000 kilometres, of which 8,000 kilometres was for employment purposes. KM contributed $4.000 on Cari's behait to a deferred profit sharing plan. Although KM does not have a group life Insurance plan, It paid Cari's personal life Insurance premium of $1000 (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 earller 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 2020. Cari constructed a 10-sulte apartment block. He sold the property In 2020 for $800,000, which was $150,000 more than the original land and building cost. He received $90,000 of the proceeds In cash, with the balance due in five annual Instalments beginning in 2021. 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 had purchased the cottage six years earlier for $120,000 In 2017, 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 2019 Interest of $1400. 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 2019 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 2020 and the balance in January 2021. 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. Cari celebrated his 65th birthday In December 2020. He supports his spouse, who is retired. His spouse had Interest Income of $4.000 in 2020. During the year, Cari made gifts of $3,000 to a local charity. He paid tuition fees of $900 to attend 3 3-month evening course at a university Carl has used his entire capital gain deduction. At the end of 2020, he had unused net capital losses of $12000 and non-capital losses of $7,000 Required: Calculate Carl's minimum 2020 net Income for tax purposes, taxable income, and federal Income tax. Segmenta Employment Income: 0 Net Employment income Business Income: Net Business Income Property Income: 0 Net Property Income Segment B Taxable capital gains and Allowable capital 102889 Segment B Sub Total allowed Segment Segment Net Income for Tax purposes Taxable income Taxable Income from above Federal income tax Deduct non-refundable credite: Subtotal $ * 15% Basic Federal Tax Federal tax payable