Bob has recently inherited an investment property from his late father. His father bought the property in 1999 for $200,000 and the executor of the estate had it valued at $500,000 for purposes of administering the estate. Bob's usual earnings are $85,000 per annum from wages and some investments. Bob is keen to help his children and says that he will sell it to them at a reduced rate of $400,000. Calculate the taxable capital gain (if any) Bob will be required to include in his next tax return if he sells the property to his children. Show workings.