Florence Rossi is semi-retired and sits on the board of directors of several Canadian public corporations. A summary of her financial activity for 2020 is presented below.

Interest on long-term bonds

$20,000

Gain on sale of farmland (Florence acquired the farmland three years ago with the intention of subdividing it into building lots for resale but sold it in 2020 after losing a rezoning application.)

13,000

Director's fees from public corporations

22,000

Gain on sale of public corporations shares

16,000

Legal fees paid to collect a bonus on a former employment contract

2,000

Legal fees paid to dispute an income tax reassessment

1,500

Loss on sale of shares of a Canadian-controlled private corporation that qualifies as a small business corporation

8,000

Loss on sale of public corporation shares

20,000

Share of the operating loss from a partnership that operates a small grain farm with hired help

18,000

Qualified moving expenses

1,000

CPP enhanced contributions with respect to the director's fees

56

Determine Florence's income for tax purposes in accordance with section 3 of theIncome Tax Act.

These Are required

9:34 X McGraw-Hill Lab 4 8 Hell Sword & Exit Submit Check my work 3 Segment A Employment income - Director fee Less legal fee - bonus Property income - Interest 10 points Business income - Land sale Segment A Subtotal Segment B cBook Taxable capital gain - Public shares Print Allowable capital loss - Public shares References Segment B Subtotal Segment C Moving Expenses CPP enhanced contributions Legal fees - resasssessment Segment C Subtotal Segment D Allowable Business Investment Loss (ABI Farm loss Segment D subtotal Net Income for Tax purposes