Question 12 (20 points) At the end of 2020, Mr. Pippinpaddleopsicopolis sold both his city house and his summer cottage. Every year he has spent at least a portion of the year living in each of the two locations. When he is not residing in these properties they are left vacant. Relevant information on the two properties is as follows: City House Cottage Year acquired 2004 2004 Cost $264,000 $ 36,000 Gross proceeds from sale 528,000 330,000 Real estate commissions 32,000 16,000 Mr. Pippinpaddleopsicopolis wishes to minimize any capital gains resulting from the sale of the two properties. Required: Describe how the residences should be designated in order to accomplish Mr. Pippinpaddleopsicopolis's goal. In addition, calculate the amount of the taxable capital gain that would arise under the designation that you have recommended + Paragraph I o