Question 1 It is December 30, 2023, and Christina Yang comes to you with the following information with respect to her 2023 taxation year: 1) She earns employment income of $150,000. 2) She owns a few items. She wants to clean out her house and would like to sell most of her possessions. The properties she plans to sell in the current year are: • A vintage automobile: o Cost $42,000. o Spent $145,000 on the restoration process. o FMV of the automobile is $320,000. • A coin collection: o Cost: $17,600. o FMV of $23,000. • Sailboat: o Cost: $162,000. o FMV: $123,000. • A rare copy of a classic novel: o Cost: $4,000. o FMV: $8,500. • Antique desk: o Cost: $600. o FMV: $2,200. • Oil painting: o Cost: $275,000. o FMV: $350,000. o The art gallery charges a sales commission of 20%. She sold her rental property on January 1. The relevant tax values of the rental property are given below: Land Cost $60,000 Proceeds $100,000 Commision Paid $3,600 UCC N/A Building Cost $80,000 Proceeds $150,000 Commision Paid $5,400 UCC $65,000 The building was the only asset in Class 1 (4%). 4) On the sale of the land and building, Lana had received $150,000 and issued a mortgage of $100,000 at a rate of 6%. $20,000 will be repaid on January 1st for the next 5 years. 5) She sold some shares she had in a small business corporation as defined by the ITA. Below are the details: • She paid $30,000 for 1,000 shares. • September 30, 2023, there was a 2:1 stock split. • April 1, 2023 – She sold 1,100 shares for proceeds of $9,000. • She has never used her Capital gains deduction. Required – (a) Calculate Christina’s taxable income for 2023. Assume she wants to minimize the taxable income and will use all means available to her. (b) With respect to the sale of property, indicate if any amounts may be available to carry over to other years.