Question
Jimmy Song has come to you for advice on the tax consequences of the disposition of the following two residences in 2019: Residence Year of
Jimmy Song has come to you for advice on the tax consequences of the disposition of the following two residences in 2019:
| Residence | Year of Purchase | Cost | Proceeds of Disposition |
| Pickering Home | 2006 | $190,000 | $300,000 |
| Florida Condo | 2012 | $130,000 | $205,000 |
Jimmy wishes to minimize any capital gains resulting from the sale of the two properties.
REQUIRED
Compute the minimum amount of taxable capital gains for 2019. Show all of your work.
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Finance
Authors: Angelico Groppelli, Ehsan Nikbakht
7th Edition
1438010362, 9781438010366
