QUESTION 1 (9 marks) Tyler is a resident taxpayer and holds several assets as an individual. Tyler had the following transactions during the income year ended 30 June 2020: Tyler sold his holiday home for $580,000 with a contract date of 20 June 2020. The settlement date was 2 July 2020. Tyler had purchased the house on 31 October 2010 for $450,000. He incurred commission on the sale of $9,500. Tyler borrowed from a bank to purchase the house and had incurred $25,000 in interest since 31 October 2010. Rates and insurance during Tyler's ownership totalled $20,000. The house had not been used to produce income and was not Tyler's main residence. Tyler sold an antique table on 31 March 2020 for $10,000. Tyler had purchased the antique table at a garage sale in January 2010 for $950. Tyler had a carried forward capital loss of $5,000 from the sale of shares, and a carried forward capital loss of $1,200 from the sale of a painting. Required: Advise Tyler of the net capital gain to be included in his assessable income for the income year ended 30 June 2020. Show all explanations, calculations and references to the Income Tax Assessment Act 1997. Assume that Tyler wishes to minimise his gain wherever possible.