Financial information relating to the 2020 taxation year of George is outlined below:

1. Directors fees received for being on the board of directors of a Canadian public corporation $40,000

1. Gain on sale of land that was acquired in 1996, on which Sam intended to construct a vacation home. The land had an original cost of $170,000 and was sold for $182,000.

1. Gain on sale of condominium units. In 1997, Sam purchased a small apartment building. He immediately renovated and improved the property and sold the individual apartments as condominium units for $75,000 gain.

1. Receipt from the partial withdrawal of funds from his RRSP $10,000.

1. Dividends received from a Canadian public corporation $900.

1. Loss on sale of shares of a Canadian public corporation $9,000.

1. Rental loss from another apartment building which Sam still owns, $40,000.

1. Payment of spousal support to his former spouse $4,800.

Required

In accordance with the format and categories specified in section 3 of the Income Tax Act,

determine Sam's net income for tax purposes for the 2020 taxation year.Explain any loss carry-forwards you may have.