During 2022, Mr. Richmond sold his two residences, in order to purchase a larger home in an expensive suburb. The following facts relate to these two residences: Date purchased Cost Sales Commission Paid Sale Proceeds City home 2013 $75,000 $20,000 $250,000 Cottage 2008 $18,500 $12,500 $200,000 Required: Determine Mr. Richmonds net income for tax purposes as a result of the above information. Show all of your calculations