Gary bought a cottage in 1977 for $45,000. When he died in 2001, the cottage was worth $250,000. In his will, he left the cottage in a trust to his daughter Beth, with the provision that she could receive full title after 10 years.
After 10 years, the cottage was worth $390,000. Barb held onto the cottage for 11 years and then sold it for $470,000.
If the cottage is not her principal residence, what is her taxable capital gain in the year she sells it?
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Gary bought a cottage in 1977 for $45,000. When he died in 2001, the cottage was worth $250,000. In...
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