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Mary acquired a house in 2012 for $250,000. In 2015 she acquired a cottage for...

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Accounting

Mary acquired a house in 2012 for $250,000. In 2015 she acquired a cottage for $300,000. She lived in the house in the winter and in the cottage in the summer. In 2020 she sold both properties. She received $950,000 for the house and $900,000 for the cottage.

REQUIRED

Determine the minimum taxable capital gain to be reported by Mary on the sale of the two properties. Support all your calculations.

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