Max disposed of two residential properties during the year. The details of the dispositions are as follows:
Max disposed of two residential properties during the year. The details of the dispositions are as follows:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Q 22
![Max disposed of two residential properties during the year. The details of the dispositions are as follows:
Proceeds.
Cottage...
House..
.$1,100,000..
.$1,500,000..
The following additional costs would be incurred to sell the property:-
-Legal and accounting fees (house).
-Real estate commission (house)..
-Legal and accounting fees(cottage).
-Real estate commission (cottage).
.$500,000..
.$600,000...
Cost..
.2017-2021
.2012-2021
.$1,000
.$3,300
.$650
.$.1,200
.Years Owned
Required:-
What is the minimum taxable capital gain that must be included in Max's 2021 personal tax return?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F663d60dd-b231-411b-adfe-df1b30e1ae47%2F51057c1e-9715-4a75-956f-9286a014ea8f%2Fpm1psoh_processed.png&w=3840&q=75)
Transcribed Image Text:Max disposed of two residential properties during the year. The details of the dispositions are as follows:
Proceeds.
Cottage...
House..
.$1,100,000..
.$1,500,000..
The following additional costs would be incurred to sell the property:-
-Legal and accounting fees (house).
-Real estate commission (house)..
-Legal and accounting fees(cottage).
-Real estate commission (cottage).
.$500,000..
.$600,000...
Cost..
.2017-2021
.2012-2021
.$1,000
.$3,300
.$650
.$.1,200
.Years Owned
Required:-
What is the minimum taxable capital gain that must be included in Max's 2021 personal tax return?
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