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:
Proceeds…………………Cost………………..Years Owned
Cottage…………………………………………$1,100,000……………$500,000………………2017-2021
House……………………………………………$1,500,000…………….$600,000…………...…2012-2021
The following additional costs would be incurred to sell the property:-
-Legal and accounting fees ( house)………………………….…..$1,000
-Real estate commission(house)………………………………….$3,300
-Legal and accounting fees(cottage)………………………………..$650
-Real estate commission(cottage)…………………………….…$.1,200
Required:-
What is the minimum taxable
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