Mr. I.N. Vestor is retired and is slowly selling some of his assets to supplement his retirement income. He wants to have some idea of how much tax he is going to owe for 2020 on the asset sales that have taken place to date. He has provided you with the following details of his sales.

1. 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 May 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.
2. 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

3. He sold one of two rental properties that he owns (Rental #1). He sold the property for total proceeds of $500,000. The details of the sale of Rental #1 are as follows:

		Land	Building (Class 3)	Equipment (Class 8)
Original cost		$125,000	$175,000	$38,000
UCC, December 31, 2019		n/a	135,000	16,000
Proceeds, June 30, 2020		260,000	220,000	20,000

The proceeds received included $200,000 cash paid on July 1, 2020, and a mortgage for $300,000 amortized over 15 years with a four-year term. The interest rate on the mortgage is 8% payable monthly. Principal repayments of $10,000 are to be made on January 1 each year, commencing January 1, 2021. At the end of the four-year term, the balance of the mortgage will be paid in full.

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.

Required:

Determine I.N. Vestors net income for tax purposes as a result of the above information. Show all of your calculations.

not needed