James bought a beachfront house in March 2011 for $140,000. After renting the house out for 3 years, he moved into the house in 2013 and it became his main residence for the next 7 years. He sold the house in March 2021 for $260,000. James has prior year net capital losses of $4,000 and current year capital losses of $6,000 from the sale of shares. What is James' net capital gain for the 2021 income year?
a. $26,000
b. $13,000
c. $260,000
d. $120,000

Answer rating: 100% (QA)

a 26000 Explanation James net capital gain is ... View the full answer