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. Carls 2020 financial transactions include the following: Carl received a salary of $98,000 from KM. From this amount, KM deducted EI 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 $45,000 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 7,000 kilometres was for employment purposes. KM contributed $4,000 on Carls behalf to a deferred profit sharing plan. Although KM does not have a group life insurance plan, it paid Carls personal life insurance premium of $1,200 (coverage $75,000). During the year, Carl sold 1,200 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 2020, Carl constructed a 10-suite apartment block. He sold the property in 2020 for $800,000, which was $250,000 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 2021. The property incurred a net rental loss of $8,500 (before amortization). Carl sold his summer cottage for $108,900 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 $20,000 to Alloy Ltd., a Canadian-controlled private corporation. All of the companys assets are used in an active business. The 2019 interest of $1,700, 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 $14,500, for $24,200. In November, Carl received a legal bill for $2,400 relating to a dispute over a tax reassessment. Carl paid $1,400 in December 2020 and the balance in January 2021. Carl received Eligible dividends of $2,400 and Non-eligible dividends of $1,200 from Canadian corporations and $1,800 from a foreign corporation. The foreign corporation remitted a 10% withholding tax to its government. Carl celebrated his 65th birthday in December 2020. He supports his spouse, who is retired. His spouse had interest income of $4,500 in 2020. During the year, Carl made gifts of $5,000 to a local charity. He paid tuition fees of $700 to attend a 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 $12,000 and non-capital losses of $7,000. Required: Calculate Carls minimum 2020 net income for tax purposes, taxable income, and federal income tax.