I had a quick question regarding capital gains:

If for example, someone borrows $45,000 and invests that money in a real estate club, where shares are pooled to buy and sell homes, and over the course of a year that individual is paid $13,000 as a result of the investment; is that $13,000 subject to capital gains tax?

Or becasue the initial investment of $45,000 was borrowed and has not yet been recovered back into the hands of the borrower, the individual needn't pay capital gains tax on the $13,000 made for that year?

Thanks for the help, much appreciated.