Mr. LN. Vestor is retired and 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 on 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: Antique coat rack Coin collection Stamp collection 1959 Ford (a collector's item) Proceeds $1,500 450 Cost $ 200 1,200 100 1,100 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: Equipment (Class 8) $38,000 16,000 20,000 The proceeds received included $200,000 cash paid on July 1, 2020, and a mortgage for $300,000 amortized over 15 years witha four-year term. The interest rate on the mortgage is 8%, payable monthly. Principal payments of Building (Class 3) $175,000 135,000 220,000 Original cost UCC, January 1, 2020 Proceeds, June 30, 2020 Land $125,000 n/a 260,000 $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 are as follows (rental #1's income and expenses only include income and expenses up to the time of sale): Rental #2 $ 15,000 Rental #1 $25,000 Gross rents Expenses: Mortgage expense Property expenses Insurance (3,000) (2,000) (8,000) (7.000) $ 5.000 (25,000) (3,500) (2,400) (1,500) (4,500) ($21.900) Maintenance Depreciation Net income (loss) The undepreciated capital cost of Rental #2 (class 1) was $83,881 on January 1, 2020. Required Determine I.N. Vestor's net income for tax purposes as a result of the above information. Show all of your calculations. [You do not need to calculate taxable income or taxes owing.]