Mrs. Brenner, age 50, owns all the Class A common shares of a corporation which has an investment portfolio worth $500,000. The Class A shares were issued to Mrs. Brenner on incorporation. The corporation has no other assets or liabilities and has a December 31 year end. On January 1 of the current year, Mr. Brenner (Mrs. Brenner's husband), age 51, subscribed for 1 million Class B non-voting preferred shares of the corporation and paid for them in cash. The purpose of this transaction was to income split with his wife. The corporation earned $10,000 during the year and paid a $10,000 cash dividend to Mrs. Brenner. Assuming the prescribe rate is 3% throughout the year, what is the minimum amount of income that Mr. Brenner must report in the year in respect of his investment in the corporation?

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