During 2020, Victor Flood Donates a Rental Property to a Registered

During 2020, Victor Flood donates a rental property to a registered Canadian charity. The property had a cost of $226,000, including a value for the land of $50,000 and a value for the building of $176,000. At the time of the gift, the estimated fair market value of the property is $396,000, with the value of the land unchanged at $50,000 and the value of the building at $346,000. The UCC of the building is $110,000 at the time of transfer. The charity issues a receipt for $396,000. Other than the income generated by the gift, Victor's only other 2020 income is net rental income of $16,000. His only 2020 tax credits are his basic personal credit and the charitable donations credit resulting from the gift.
Required: Determine Victor'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.