The following transactions pertain to a Canadian$-$controlled private corporations and its shareholder.

Maya Ltd$.$ redeemed its preferred shares for $$15,000.$ The shares have a paid$-$up capital of $$11,000$ and an adjusted cost base $("$ACB$")$ of $$10,000.$

Assume that the corporation has no general rate income pool $("$GRIP$")$ balance at all relevant times.

Required:

For the above transactions, calculate:

$(1).$ the income of the shareholder,

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