Mr. Eles owns a number of personal assets, all of which were acquired while he was a resident

of Canada. As he plans to spend the next 6 years travelling around Europe, he will be selling off most of his possessions for cash. The assets he will be selling are as follow:

a. He owns a vintage automobile which has been restored to like new condition. He purchased the vehicle for $50,000 and has spent $150,000 on his restoration project. He estimates the current fair value of the vehicle is $290,000.

b. He also owns an antique desk that he acquired for $700 at an antique show. He believes that it could be sold for $2,500 and that no selling costs would be incurred.

c. Mr. Eles inherited an oil painting from his Aunt Jean. His Aunt acquired the paining for $34,000. Mr. Eles believes the painting could be sold at auction for $39,000 with auction fees of $1,400. Please determined the amount that would have to be included in Mr.Eles Net Income for Tax Purposes if all of these assets were sold for their estimated value.