On 1 May 2018, John purchased two hectares of land for $250,000 on which he planned to build a block of units but unfortunately he ran into financial difficulty. On 1 July 2020 he subdivided the land into two blocks and on 2 June 2021 he sold one block for $160,000 with settlement taking place on 5 July 2021. The market value of the remaining block was $240,000. The associated costs were as follows: Stamp duty on purchase $7,200 Legal fees on purchase $1,400 Subdivision costs $15,000 Legal fees on sale $1,600 Commission on sale $6,300 Required With reference to relevant legal authority, calculate any capital gain or loss on sale of the block to John in the year ended 30 June 2021?