QUESTION EIGHT Jane Herbert acquired a house in 2016 for $300,000. In 2018, she acquired a cottage for $150,000. She lived in the house in the winter and in the cottage in the summer. In 2020, she sold both properties. She received $400,000 for the house and $250,000 for the cottage. Income tax reference: ITA 40(2)(b), Determine the minimum taxable capital gain to be reported by Jane on the sale of the two properties. CPA Competency 6.3.2 Principal residence. Income tax reference: ITA 40(2)(b)