Harold Holdings disposed of the following capital investment during 2020.

Sale of a luxury rental condominium in December, 2020 for proceeds of $560,000. Harold had paid $304,000 in January, 2020 to acquire this property, but had been unable to rent it during the year. In order to facilitate the sale, Harold took back a mortgage in the amount of $125,000 for 5 years @ 8%. The mortgage calls for annual capital and interest payments beginning in 2021. Harold paid $26,000 in commission costs.

REQUIRED:

Calculate Harolds taxable capital gain for the 2020 taxation year.