Ms. Helen Lake owns a city home in Toronto, as well as a contestar La. The city
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Ms. Helen Lake owns a city home in Toronto, as well as a contestar La. The city home was purchased in 2000 at a cost of $72,000. The cottage was purchased in 2012 for $89,000. On July 1, 2019, the house is sold for $214,000 and the cottage is sold for $122,000. A real estate commission of 6 percent was paid on each sale. She has spent some time in each property in every year from 2012 through 2019. Determine the minimum capital gain that she must report for 2019 as a result of the sale of the two properties.
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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