Rental Property 3 was sold in January 2020 resulting in no rental income and no expenses incurred. Property 3 original cost was $250,000 (land $100,000 and building $150,000). It had a UCC balance at the time of $110,000 and the property was sold for $425,000. Commissions of $20,000 were charged by a Real Estate Agent on the sale and a lawyer charged $2,500 to close the deal. The Real Estate agent spent $3,000 to stage the property. 

Required: 

Calculate Frank’s income for tax purposes for 2020. Explain why anything was omitted.