Ms. Jennie Smith owns a house in Ottawa. She purchased the house in 2002 for $122000. In June 2019, she sold the house for $220000 and designated the house as a principal residence for 5 years. Determine the minimum taxable capital gain that she must report on the 2019 sale of the house, after considering the principal residence exemption. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:
Ms. Jennie Smith owns a house in Ottawa. She purchased the house in 2002 for $122000. In June 2019, she sold the house for $220000 and designated the house as a principal residence for 5 years. Determine the minimum taxable capital gain that she must report on the 2019 sale of the house, after considering the principal residence exemption. Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your response. Your Answer:
Chapter12: Nonrecognition Transactions
Section: Chapter Questions
Problem 37P
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Transcribed Image Text:Ms. Jennie Smith owns a house in Ottawa. She purchased the house in 2002 for
$122000. In June 2019, she sold the house for $220000 and designated the house
as a principal residence for 5 years. Determine the minimum taxable capital gain that
she must report on the 2019 sale of the house, after considering the principal
residence exemption.
Round to the nearest dollar. Do NOT write commas, dollar signs, or decimals in your
response.
Your Answer:
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