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What is the minimum amount to be reported in net income

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Reference no: EM132779690

Problem 1: M acquired a home in 2013 for $400,000 and a cottage in 2017 for $300,000. In 2020 M sold the home for $900,000 and the cottage for $600,000. What is the minimum amount to be reported in net income for tax purposes in 2020?

Reference no: EM132779690

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