Mr. I.N. Vestor has come to you for advice on some of his 2020 transactions. He has provided selected information about these transactions below. In particular, Mr. Vestor is retiring and is slowly selling some of his assets to supplement his retirement income.

Mr Vestor wants to know what the Division B income and deductions are from the following transactions.

1. Mr. Vestor gave his 16-year-old daughter $10,000 cash in June, 2020, to allow her to invest in the market. His daughter purchased $10,000 of bonds. Interest paid to the end of 2020 was $500.

2. Mr Vestor has an outstanding loan from his employer in the amount of $10,000. He paid $100 of interest on this loan for the year. The load was outstanding for the entire year. Mr. Vestor used the proceeds of the loan to pay for a vacation.

3. Mr. Vestor received dividends from Canaidan Pacific (CP) Railway Limited (a Canadian public corporation) in the amount of $25,000. He sold some of these shares on June 1, 2020, and generated a (gross) capital gain of $10,000.

4. Mr. Vestor paid $3,000 on interest on a bank loan in 2020. The proceeds from the load were used to buy the CP stock. The loan was secured by a mortgage on his principal residence.

5. Mr. Vestor owns shares of Tetley, a British corporation. During the year, he received dividends of $1,700 (in Canadian dollars), net of $300 (Cdn dollars) tax withheld.

6. He sold his existing home and his cottage during the year and moved into a condominium. His home was purchased in 2004 at a cost of $85,000. He sold it in October 2020 for proceeds of $250,000. He paid real estate commission of $12,000 on this sale. His cottage was purchased in 2005 at a cost of $120,000. He sold it in September 2020 for proceeds of $320,000. He paid real estate commission of $10,000 on this sale. He did not own any other residences during the relevant years and, thus, has not previously designated any of the relevant years for purposes of the principal residence exemption.

7. He sold the following personal items during 2020:

	Proceeds	Cost
Antique coat rack..................................	$ 1,500	$ 200
Coin collection...............................................................	450	1,200
Stamp collection...............................................................	1,100	100
1964 Ford (a collectors item)............................................................... ............................................................... ...............................................................	7,000	12,000

8. He sold one of two rental properties that he owns (Rental #1). He sold the property for total proceeds of $480,000. The details of the sale of Rental #1 are as follows:

		Land	Building (Class 3)
Original cost		$125,000	$175,000
UCC, December 31, 2019		n/a	167,000
Proceeds, June 30, 2020		260,000	220,000

Details of his rental income for the year before the above sale of Rental #1 are as follows:

		Rental #1	Rental #2
Gross rents.................................................................. ..................................................................		$25,000	$ 15,000
Expenses:
Mortgage interest...........................................................			(25,000)
Property taxes...........................................................		(3,000)	(3,500)
Insurance...........................................................		(2,000)	(2,400)
Maintenance...........................................................		(8,000)	(1,500)
Amortization...........................................................		(7,000)	(4,500)
Net income (loss)...........................................................		$ 5,000	($21,900)

The undepreciated capital cost of Rental #2 (Class 1) was $83,236 on December 31, 2019.

Question:

compute I.N. Vestors Division B income for 2020, using the above information only.

Provide a brief explanation of why you omitted any of the above information from your calculation of Division B income for 2020.

Assume that the prescribed rate for all of 2020 was 6%.

Show all calculations, regardless of whether required for your final answer.