Dr. Litt has recently sold his family home in Norwood. He and his wife had bought this house on 1 February 2001 for $800,000 and sold it for $2 million in February of this year. He and his family have lived in this home continuously except for the period between 1 July 2003 and 1 July 2006, where the property was leased to tenants whist, he was working at Harvard Medical School. Dr Litt is interested to know the tax consequences of this sale. Steps in calculating the capital gains tax amount?