Frank own three properties in Toronto. Property 1 is being rented out to his eldest son, George, is currently attending University with two other room mates. Property 2 is being rented by an arm’s length party. Property 1 cost $480,000 (land $200,000 and building $280,000) and property 2 cost $540,000 (land $300,000 and building $240,000). They were both purchased on January 1, 2020. The income and expenses incurred in relation to the property for the year were as follows: Property 1 Rental income-Two Students $17,400 Rental Income- George $12,000 Heat $1,200 Hydro 2,400 Water $900 Repairs (including a new sunroom addition in October for $33,000) $35,000 Property Taxes Mortgage payments (includes $14,000 of interest) $3,500 $24,000 Loan payments (includes $1,880 of interest) $3,440 Property 2 Rental income $26,400 Heat $1,500 Hydro 2,800 Water $1,000 Property Taxes Repairs (repairs of a leaking roof and plumbing repairs) $3,800 $9,000 Mortgage payments (includes $16,000 of interest) $26,000 Rental Property 3 was sold in January 2020 resulting in no rental income and no expenses incurred. Property 3 original cost was $250,000 (land $100,000 and building $150,000). It had a UCC balance at the time of $110,000 and the property was sold for $425,000. Commissions of $20,000 were charged by a Real Estate Agent on the sale and a lawyer charged $2,500 to close the deal. The Real Estate agent spent $3,000 to stage the property. 

Required:

Calculate Frank’s income for tax purposes for 2020. Explain why anything was omitted