As at 30 June 2017, Joe Tang had disposed of the following assets: (a) A holiday house. The house was purchased on 1 March 2001 for $200,000 and was sold for $600,000. At the time of acquisition Joe spent $2,000 on surveyors cost, $15,000 on stamp duty and $3,000 for a valuation. On 1 February 2010, Joe spent $100,000 adding a second floor to the house. On 15 June 2014 he spent $20,000 in a successful court action to establish that his neighbours new fence had encroached on Joes property by 15 centimetres. In the previous income year he had rented the property out for a total of six months during school holiday periods. At all other times he used it personally. During the period that he owned the house he had paid a total of $80,000 in interest, rates and insurance. He had claimed $20,000 of the $80,000 in respect of interest, rates and insurance as a tax deduction in his personal tax return in respect of the six months that he had rented the property in the 2007-8 financial year. (b) A pair of David Beckham socks that he bought at Sothebys Auctions on 1 January 2005 for $12,000. He sold the socks for $22,000. (c) A painting that he had bought on 2 February 2005 for $20,000. He had recently had the painting valued at $40,000. He gave it to his daughter as a wedding present on 30 June 2017. (d) A house and land. He had bought the property as vacant land on 1 June 1984 for $100,000. He completed the building of a house on the land on 30 May 2010 at a cost of $200,000. He sold the house and land for $800,000. Independent valuations indicate that the value of the land at the date of sale was $500,000. (e) He purchased a 1965 Jaguar E Type motor car in 2002 for $15,000. He sold the motor car for $125,000. Joe has capital losses from previous years. The losses are: (i) $15,000 capital loss from the sale of a rare coin (ii) $220,000 capital loss from the sale of shares. Joe has no other assessable income for the income year ending 30 June 2017. He made a trading loss of $75,000 in respect of the operation of his supermarket business for the year ending 30 June 2017.

REQUIRED: Calculate Joes net capital gain and his taxable income for the year ending 30 June 2017