Jim acquired a house in 2011 for $400,000. In 2013, he acquired a cottage for $150,000.

Question

He lived in the house in the winter and in the cottage in the summer. In 2015, he sold
both properties. He received $500,000 for the house and $250,000 for the cottage.
The sales commission on the transactions were $20,000 and $10,000 respectively.
Required:
Determine the minimum taxable capital gain to be reported by Jim on the sale of the
two properties.