Question 20 (5 points) 5 Listen Read the below situation to answer Questions 12 to 16: At the end of 2021. 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: Cottage Year acquired 2005 Cost $264,000 $36.000 Gross proceeds from sale 328,000 330,000 Real estate commissions 32,000 16,000 Mr. Pippinpaddleopsicopolis wishes to minimize any capital gains resulting from the sale of the two properties City House For the Cottage, which years should it be designated as principal residence? 2005 to 2021 Question 17 (2 points) Listen Before applying Principal Residence Exemption, what would the Capital Gain be on the City Home? 2005 to 2020 528,000 2020 to 2021 296,000 264.000 2021 Only 232.000 None of the above None of the above Question 18 (2 points) Listen Before applying Principal Residence Exemption, what would the Capital Gain be on the Cottage? Question 21 (6 points) Listen 394.000 330,000 After applying Principal Residence Exemption, what is the least amount of taxable capital gain Mr. Vaughan would report on his tax return from this scenario? 278.000 190.000 260.000 None of the above Question 19 (5 points) Listen 232.000 For the City Home, which years should it be designated as principal residence? 116.000 2005 to 2021 2005 to 2020 2010 to 2021 2021 Only None of the above None of the above