Question 3 chapter 7 5 marks You and your spouse are r etiring in 20 20 You are selling the family home and cottage and are moving into a new home Details of the home and cottage sales are as follows Year Purchased Proceeds of Sale ACB Family home 2005 $800,000 $380,000 Cottage 1994 $550,000 $50,000 Real estate and legal fees on the sales amounted to $42,000 on the family home and $25,000 on the cottage, respectively Required Compute the minimum taxable capital gain to be reported for tax purposes for 2020

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Question: Question 3 chapter 7: 5 marks You and your spouse are r etiring in 20 20 . You are selling the family home and cottage

Question 3 chapter 7: 5 marks

You and your spouse are retiring in 2020. You are selling the family home and cottage and are moving into a new home. Details of the home and cottage sales are as follows:

	Year Purchased	Proceeds of Sale	ACB
Family home	2005	$800,000	$380,000
Cottage	1994	$550,000	$50,000

Real estate and legal fees on the sales amounted to $42,000 on the family home and $25,000 on the cottage, respectively

Required:

Compute the minimum taxable capital gain to be reported for tax purposes for 2020.

Question 3 chapter 7: 5 marks You and your spouse are

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