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 2020 financial transactions include the following: Carl received a salary of $104,500 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 $35,000 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 9,000 kilometres was 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 paid Carl's personal life insurance premium of $1,100 (coverage - $75,000). During the year, Carl sold 1100 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 $200,000 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 $7700 (before amortization). . Carl sold his summer cottage for $99,000 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 $18,000 to Alloy Ltd., a Canadian-controlled private corporation. All of the company's assets are used in an active business The 2019 interest of $1,500, 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 $13,200, for $22,000. In November, Carl received a legal bill for $2.200 relating to a dispute over a tax reassessment. Carl paid $1,300 in December 2020 and the balance in January 2021. Carl received Eligible dividends of $2,200 and Non-eligible dividends of S1100 from Canadian corporations and 51,800 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 53.000 in 2020. During the year, Carl made gifts of $4,000 to a local charity. He paid tuition fees of $800 to attend a 3-month evening course ata 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 Prey 1 of 1 Next Required: Calculate Carl's minimum 2020 net income for tax purposes, taxable income, and federal income tax. Segment A Employment income: Net Employment Income Business income: $ 0 Net Business Income $ 0 Property income: Net Property Income Segment B Taxable capital gains and Allowable capital losses $ 0 Segment B Sub Total allowed Segment Segment D Net Income for Tax purposes Taxable income 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 2020 financial transactions include the following: Carl received a salary of $104,500 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 $35,000 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 9,000 kilometres was 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 paid Carl's personal life insurance premium of $1,100 (coverage - $75,000). During the year, Carl sold 1100 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 $200,000 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 $7700 (before amortization). . Carl sold his summer cottage for $99,000 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 $18,000 to Alloy Ltd., a Canadian-controlled private corporation. All of the company's assets are used in an active business The 2019 interest of $1,500, 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 $13,200, for $22,000. In November, Carl received a legal bill for $2.200 relating to a dispute over a tax reassessment. Carl paid $1,300 in December 2020 and the balance in January 2021. Carl received Eligible dividends of $2,200 and Non-eligible dividends of S1100 from Canadian corporations and 51,800 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 53.000 in 2020. During the year, Carl made gifts of $4,000 to a local charity. He paid tuition fees of $800 to attend a 3-month evening course ata 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 Prey 1 of 1 Next Required: Calculate Carl's minimum 2020 net income for tax purposes, taxable income, and federal income tax. Segment A Employment income: Net Employment Income Business income: $ 0 Net Business Income $ 0 Property income: Net Property Income Segment B Taxable capital gains and Allowable capital losses $ 0 Segment B Sub Total allowed Segment Segment D Net Income for Tax purposes Taxable income