Philips father passes away in August 2019 leaving Philip a gift of a property under his will which his father purchased as a long term investment on 15 August 1980 for $65,000. The property had a market value of $500,000 when Philips father died. Philip enters into a contract to sell the property in June 2020 for $530,000. The contract settles in August 2020.

How is Philips capital gain calculated and in which income year will Philip be assessed on the capital gain?