Sam is your client and has come to you to prepare his tax return. During the 2019-20 financial year, Sam has disposed of the following assets:

1. Sam purchased a yacht in May 2017 from an auction warehouse for $25,000. Sam has spent $35,000 on improvements to the yacht. In June 2020, Sam sells the yacht for $45,000.
2. Sam purchased a vacant block of land in May 1991 for $250,000. In April 1998 Sam subdivides the vacant block of land into two equal portions. The value of the portion is $200,000 each. In May 2020, Sam sold one of the vacant blocks of land for $300,000
3. Sam acquired block of land for $80,000 on the 10^th October 1978. On the 20^th June 1990 Sam builds a house on the same block of land for $550,000. In 10^th May 2020 Sam sales the house and the land for $850,000. During the period 20^th June 1990 and 10^th May 2020 the property was rented to an unrelated party.

Required:

Calculate Sams Capital Gain, subject to Tax for the year ending 30^th June 2020. Justify your calculations using legislation and case law.