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 OwnedRequired:-What is the minimum taxable capital gain that must be included in Max's 2021 personal tax return?

As per IRS rules if you sale your home which is your main home and if you…

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Max disposed of two residential properties during the year. The details of the dispositions are as follows:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

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?

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