$($a$)$ On $01$ January $2023,$ a farmer had $200$ head of cattle on his farm. During the year, his farm was in an area gazetted as drought stricken and he sold $50$ head of cattle as a result of the drought, realising $$180000.$ On $31$ December, the number of cattle on hand was $300$ and the livestock running expenses for the year were $$80000.$ The Fixed Standard Value of the livestock sold was $$1000.$

Required

Calculate the taxable income from the sales of livestock given that the farmer makes an election to minimize his tax liability $(5$ Marks$)$