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What is the minimum amount that must be included

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Question - Mr. McDonald sold his rental property on August 25, 2020. Mr. McDonald has always rented out the house since he purchased it. The following information is provided:

ACB/Capital Cost $245,000

UCC $115,000

Fair market value $650,000

A real estate agent is charging a sales commission on the rental property of 5% on the FMV and the lawyer has charge a fee of $2,000 for her services to close the deal.

Required - What is the minimum amount that must be included in Mr. McDonald's income for his tax return in respect of the above asset?

Reference no: EM132867340

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