Mr. I.N. Vestor is retired and is slowly selling some of his assets to supplement his retirement income. He wants to have some idea of how much tax he is going to owe for 2020 on the asset sales that have taken place to date. He has provided you with the following details of his sales. He sold his existing home and his cottage during the year and moved into a condominium. His home was purchased in 2004 at a cost of S85,000. He sold it in May 2020 for proceeds of S250,000. He paid real estate commission of S12,000 on this sale. His cottage was purchased in 2005 at a cost of $120,000. He sold it in September 2020 for proceeds of $320,000. He paid real estate commission of $10,000 on this sale. He did not own any other residences during the relevant years and, thus, has not previously designated any of the relevant years for purposes ofthe principal residence exemption. 2. He sold the following personal items during 2020: Antique Coin collection.... Stamp collection.. 1964 Ford (a collector's item). P roceeds s 1,500 450 1,100 7,000 s 200 1,200 IOO 12,000 He sold one of two rental properties that he owns (Rental #1 He sold the property for total proceeds of $500,000. The details ofthe sale of Rental #1 are as follows: Original cost UCC, December 31, 2019 Proceeds, June 30, 2020 Land S125,ooo n/a 260,000 Building (Class 31 S175,OOO 135,000 220,000 (Class 81 $38,000 16,000 20,000 The proceeds received included $200,000 cash paid on July l, 2020, and a mortgage for amortized over 15 years with a four-year term. The interest rate on the mortgage is 8% payable monthly. Principal repayments of S I are to be made on January I each year, commencing January l, 2021. At the end of the four-year term, the balance of the mortgage will be paid in full. Details of his rental income for the year before the above sale of Rental #1 are as follows: