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What is the minimum capth gain bob must report

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Reference no: EM133091301

Question - Mr. Bob McPipe owns a home in Edmonton as well as a cottage at Pigeon Lake. He purchased the house originally for $250,000 [ACE], and the cottage was purchased for $120,000 [ACE]. Bob lived in the Edmonton house during the year, but spent six weeks each summer at the cottage. During the current year, both properties sold: the house for $400,000 and the cottage for $250,000. Bob informs you that he owned the house for 16 years and the cottage for 13 years. What is the minimum capth gain Bob must report on the sale of the two properties in the current year?

Reference no: EM133091301

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