The following financial information is provided for the 2023 taxation year for Angela Fowler. Interest income 20,000 Net from retail store for the year ended December 31, 2023 (7,000) Gain on sale of public corporation shares 8,000 Loss on sale of shares of a small business corporation (10,000) Dividends foreign corporations, net of 300 withholding tax 2,700 Loss on sale of land that was originally purchased to build a rental property. The project was cancelled after a rezoning application was lost.(38,000) Gain on sale of an painting 4,000 Director's fees for attendance at corporate meetings Loss on sale of personal jewellery 6,000 (5,000) In 2023, Angela gifted shares of a public corporation to her 16-year-old son. The shares, which originally cost $8,000, had a value of $10,000 at the time of the gift. Also in 2023, Angela had a rental loss of $3,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $70,000 gand- $9,000building-$61,000)The class 1 building had an undepreciated capital cost of $50,000 at the end of the previous year. On the last day of 2023, Angela sold the property for $100,000 (land - $12.000; building - $88,000). She intends to purchase a new rental property in early 2024 for $200,000 (land - $20,000; building - $180,000) In the the previous year, by agreement, Angela obtained the exclusive licence to distribute a certain product in CanadaIn 2023, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territoryTotal proceeds were $24,000 Required: Calculate Angela's net income for tax purposes for the 2023 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act (Assume Other Deductions total $2,000)

In 2023 , Angela gifted shares of a public corporation to her 16 -year-old son. The shares, which originally cost $8,000, had a value of $10,000 at the time of the gift. Also in 2023 , Angela had a rental loss of $3,000 (before amortization/depreciation and capital cost allowance). The property was originally purchased for $70,000 (land $9,000; building - $61,000 ). The class 1 building had an undepreciated capital cost of $50,000 at the end of the previous year. On the last day of 2023 , Angela sold the property for $100,000 (land - $12,000; building $88,000 ). She intends to purchase a new rental property in early 2024 for $200,000 (land - $20,000; building - $180,000 ). In the previous year, by agreement, Angela obtained the exclusive licence to distribute a certain product in Canada. In 2023, she divided the country into six sales territories and sold 10-year sub-licences to individuals in each territory. Total proceeds were $24,000. Required: Calculate Angela's net income for tax purposes for the 2023 taxation year in accordance with the aggregating formula of section 3 of the Income Tax Act. (Assume Other Deductions total \$2,000.)