Maima bought a piece of land on 5 October 1983 for $40,000.

On 2 July 1992, he undertook to build a house costing $155,000. He used the house to earn rental income from the time they were finished until he sold his homeon 1 January 2022 for an amount of $512,000.

Maima obtained a valuation that attributed $198,000 of the $512,000 sale proceeds to the renovations.

Maima has a carried forward loss of $500 in respect of the sale of some shares in 2021 income tax year.

Required:

Calculate the capital gain or loss.