On 1 August 2012, Tiffany purchased a large parcel of bare land in
Oamaru, New Zealand for $670,000. The land was not purchased with the intention of resale. Tiffany is not associated with anyone carrying on a business of land dealing, erecting buildings or land development, and the land has not been used for any agricultural or farming business.
In 2019, Tiffany subdivided the parcel and arranged for services to be installed on each parcel. The work began on 15 July 2019, at which time the land's market value was $1,300,000. The cost of the development was $590,000.
Tiffany sold the land to a housing developer on 9 January 2020 for $1,900,000.
What is Tiffany's taxable income from the sale of the land?
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