ACCT 3221 EFIT ACCT 3221 . FINAL EXAMINATION . FORM N 10 or far, are provided Question 6 (15 marks) Jeff Saunders has owned a tract of land for over 15 years. He acquired the land at arm's COSTS B length, from a neighbour, at a cost of $350,000. An appraiser advised him that the land has a current fair market value of $800,000. It is Jeff's intention to sell the land. The following four cases make different assumptions as to the identity of the purchaser at of and the proceeds of disposition. In each case, we will assume that the purchaser immediately resold the land for its fair market value of $800,000. Case 1: Jeff sold the land to an arm's length party for $800,000. Case 2: Jeff sold the land to his brother for its cost of $350,000. Case 3: Jeff gifted the land to his 12-year-old daughter. Case 4: Jeff sold the land to his father for $900,000. Required: a. For each of the alternatives under consideration, advise Jeff Saunders of the tax consequences that will result from the disposition. Indicate the tax consequences to the purchaser of the land when it is resold. .In those cases where the land was sold by Jeff Saunders for a value other than fair market value, indicate what might motivate him to make the sale at that price. onluper