Quantro Enterprises Ltd. and Baizley Holdings Ltd. (BHL) are both 100% owned by Harold Baizley. Both companies are Canadian-controlled private corporations. Quantro operates a wholesale business and pays rent to BHL for the use of a warehouse property. BHL owns only one asset-the warehouse building and related land that is rented by Quantro for $43,600 per year. The property was originally owned by Quantro but was sold to BHL several years ago as a means to reduce the risk exposure of this appreciating asset. On December 31, 2020 (the year end of both companies), BHL sold the warehouse property to a third party for $447,700 (and $48,400, building $399,300). The property originally cost $387,300 (land $30,300, building $357,000). The undepreciated capital cost of the building at December 31, 2019, was $307,300. One month before selling the warehouse property, BHL purchased a newly constructed warehouse property for $580,800. (land $60,500, building $520,300.). Required: Determine BHL's net income for tax purposes for 2020. Building: capital gains Net Property Income $ 0 Net Taxable Capital Gains Net Income for Tax purposes $ 0