Mr. Clive bought a holiday home in Cape Town on 1 October 1990 for R110 000. He and his wife
used the house during their annual December holidays. In 1993 they made certain improvements to
the house at a cost of R60 000. The house was not valued on 1 October 2001. It was sold for R1 250
000 on 29 September 2021. The time apportioned base cost of the asset amounts to R550 000.
Calculate the taxable capital gain on the sale of this house. (NB: No spaces, no Rand sign required
and round off to the nearest Rand if applicable)
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