Your client is an investor and antique collector. You have ascertained that she is not carrying on a business. Your client provides the following information on sales of various assets during the current tax year.

(a)        Block of vacant land. On 3 June of the current tax year, your client signed a contract to sell a block of vacant land for $320,000. She acquired this land in January 2001 for $100,000 and incurred $20,000 in the local council, water and sewerage rates, and land taxes during her period of ownership of the land. The contract of sale stipulates that a deposit of $20,000 is payable to her when the contract of sale is signed and the balance is payable on 3 January of the next tax year, when the change of ownership will be registered.

(b)        Antique bed. On 12 November of the current tax year, your client had an antique four-poster Louis XIV bed stolen from her house. She recently had the bed valued for insurance purposes and the market value at 31 October of the current tax year was $25,000. She purchased the bed for $3,500 on 21 July 1986. Although the furniture was in very good condition, the bed needed alterations to allow for the installation of an innerspring mattress. These alterations significantly increased the value of the bed and cost $1,500. She paid for the alterations on 29 October 1986. On 13 November of the current tax year, she lodged a claim with her insurance company seeking to recover her loss. On 16 January of the current tax year, her insurance company advised her that the antique bed had not been a specified item on her insurance policy. Therefore, the maximum amount she would be paid under her household contents policy was $11,000. This amount was paid to her on 21 January of the current tax year.

(c)        Painting. Your client acquired a painting by a well-known Australian artist on 2 May 1985 for $2,000. The painting had significantly risen in value due to the death of the artist. She sold the painting for $125,000 at an art auction on 3 April of the current tax year.

            Your client also has a total of $8,500 in capital losses carried forward from the previous tax year, $1,500 of which are attributable to a loss on the sale of a piece of sculpture that she sold in April of the previous year.

Required:      

Based on this information, determine your client's net capital gain or net capital loss for the year ended 30 June of the current tax year?