Mr Gerald Deveau Owns a Rental Property That, During 2020

Mr. Gerald Deveau owns a rental property that, during 2020, he gave to a charity to house its continuing operations. The building had originally cost Mr. Deveau $172,000, of which $34,000 was allocated to the land and $138,000 was allocated to the building. At the time of the gift, the UCC of the building is $43,000, and the fair market value of the property is$346,000, including $86,000 for the land and $260,000 for the building. The charity issues a tax receipt for $346,000. Before consideration of any income resulting from this gift, Mr.Deveau's only other income is net rental income of $8,300. His only tax credits are his basic personal credit and the charitable donations credit resulting from the gift of the building.
Required: Determine Mr. Deveau's:
• 2020 Net Income For Tax Purposes;
• his maximum federal charitable donations tax credit for 2020;
• the amount of the donations he should claim in 2020 in order to reduce his federal Tax Payable to nil; and
• the amount of contributions that can be carried forward to subsequent years, assuming that he claims the amount of contributions that would reduce his Tax Payable to nil.