Michael Chan purchased 100% of the issued shares of Quality Rest Inc., a Canadian-controlled private corporation, which owns and operates an assisted-living retirement home in Ontario. Quality Rest has a December 31 fiscal year end. The transaction closed on October 1, 2020. At that time, the values of certain assets owned by Quality Rest were as follows: Land Building Furniture and fixtures Computer equipment Inventory Marketable securities Incorporation/organization costs Cost $132.000 260,000 100,000 13,200 60,500 26,400 11.000 UCC N/A 99,000 71,500 6,600 N/A N/A 1.100 FMV $300,000 319,000 55.000 8.800 57,200 11,000 400 Michael selected December 31, 2020 as the first fiscal year-end for Quality Rest after the acquisition, The following is a schedule of Quality Rest's income and unused losses for the period January 1, 2019 through December 31, 2021 Taxable Capital gain Net capital loss Business Income (loss) ($100.000) (220,000) (70,000) 40.000 January 2019 - December 31, 2019 January 1, 2020 - September 30, 2020 October 1, 2020 - December 31, 2020 January 2021 - December 31, 2021 NII $ Nil NII 10,000 ($22.000) NI NII Nil Required: Assuming Quality Rest does not make an election to recognize accrued gains or recapture under paragraph 11(4)(e) of the Income Tax Act Tal Calculate the business loss for tax purposes for the period January 1, 2020 through September 30, 2020