In year 1, Andrea and her husband purchased a home in toronto, ontario for $690,000....
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Accounting
In year 1, Andrea and her husband purchased a home in toronto, ontario for $690,000. In year 7, they also acquired a cottage in wasaga beach, ontario for a cost of $250,000. in year 13 they sold both properties. Proceeds from the sale of the house were $1,010,000, while proceeds on the sale of the cottage were $356,000.
Determine the lowest capital gain that Andrea and her husband can report in their tax return for Year 13.
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