Ivana and luke own a cottage in addition to their city home. They... Ivana and luke own a cottage in addition to their city home. They designate their city home as their principal residence.. they paid 220000 for the cottage in 1985 and they spent 200000 on an addition to the cottage, which increased the adjusted cost base of the cottage.. by 1997 the property was worth 450000. They sold the property for 470000 in january of this year. They did not designate their cottage as their principal residence for any years. 

What is their taxable capital gain on the cottage?