lQuestion 29 [29 minutes] [Chapters 5, E, T, 9] Mr. LN. Vestor is retired and is slowa selling some of his assets to supplement his retirement income. He wants to have some idea of howl.r much tax he is going to owe for 2999 on the asset sales that have taken place to date. He has provided you with the following detas of his sales. 1. He sold his existing home and his cottage during the year and moved into a condominium. His home was purchased in 1992 at a cost of $95,999. He sold it in May 2999 for proceeds of $259,999. He paid real estate commission of $12,999 on this sale. His cottage was purchased in 1993 at a cost of $129,999. He sold it in September 2999 for proceeds of $329,999. He paid real estate commission of $19,999 on this sale. He did not own an}' other residences during the relevant years and, thus. has not previously designated an},r of the relevant years for purposes of the principal residence exemption. 2. He sold the following personal items during 2999: M m Antique coat raclt $ 1,599 $ 299 C911] collection 459 1,299 Stamp collection........... 1,199 199 1955 Fond [a Collector's item]