Jacob works for Drummond Corp (a small CCPC). In 2019 Jacob received stock options that gave him the ability to purchase 1,000 shares at a price of $55/share. At the time of stock option issuance, the market price of shares was $50/share. On July 7, 2020 the market price was $66/share. Jacob decided to exercise his options on this day. On December 12, 2020 Jacob sold the shares for $74/share.

Required: A) Calculate the impact to taxable income this will have on Jacobs taxes in 2020.