Problem 10-2 Barbara Legault

Barbara Legault operates a full-time law practice in southwestern Ontario. In her spare time, she maintains a small rural acreage for the purpose of growing and selling Christmas trees. In addition, she derives income from various investments and is an art collector. Below are her financial results for 2019.

Net income from law practice	$130,000
Loss on tree farm operation	(9,500)
Gross rents received on residential rental property	37,000
Operating expenses on residential rental property before capital cost allowance	(50,000)
Gain on sale of shares of public corporations	107,000
Loss on sale of summer cottage	(10,000)
Gain on sale of oil painting	14,000
Gain on sale of shares of a small business corporation	26,000
Lump-sum payment to ex-husband as part of divorce settlement	(53,000)
Loss on sale of shares of a public corporation	(19,000)

At the end of 2018, the following tax accounts existed:

Net listed personal property losses forward from 2016 (actual loss)	$(7,000)
Undepreciated capital cost allowance on rental property	$(213,000)
Net Allowable capital losses	$(7,000)

Legault had not previously used any of her lifetime capital gain deduction.

Required:

What is Legaults taxable income for 2019? If a Segment is 0, put 0.