Cody jewel is an accountant who has not incorporated his professional practice.the practice has a December 3 year end.

cod operates his practice out of a building which he owns. he purchased this building in 2013 for $550,000, with the estimated value of the landat that time being $125,000. His practice occupies 100% of the building and ,because it was a new building,when he acquired it,it has been allocated a separate class 1. on January 1, 2016, the building has UCC of $ 380,000.

Because he is attracting an increasingly wealthy Clientele, Cody has decided to upgrade his office.During february ,2016,he replaces his old furniture and fixtures.The old furniture and fixtures had a capital cost of $65,000 and UCC of $41,000. it is sold for $22,000.

the new furniture and fixtures have a capitalcost of $136,000

other asset acquisitions during 2016 are as follows:

new computer- 1800

application software-2700

client list from retiring accountant-32,000

because he has started to provide in home service for many clients, he has a car which is used largely for this purpose.Cody purchased a car for $56,000 on January 1,2016. during 2016, it was driven a total of 23,000 kilometers of which 21,000 kilometers are related toproviding services for clients.operating costs for the year totaled $4,140.

other 2016 costs of operating his business,determined on an accrual basis,are as follows:

building operating costs-$18,600

payments to assistants-$31,200

miscellaneous office costs-$9,400

meals with clients-$10,500

on January 1,2016, Cody had unbilled work in progress of $52,000 along with billed receivables of $64,000. During 2016, his collections total $216,000.on December 31,2016,the unbilled work in progress has increased to $61,000 and the billed receivables have increased to $72,000.

REQUIRED : Calculate the minimum net business income Cody would include in his 2016 personal income tax return. In preparing the solution,ignore GST and PST implications.