In the Myer Emporium case, Myer Emporium Ltd. sold its future income streams for an immediate lump sum. How was this transaction treated for tax purposes? Question 7Answer a. The transaction was assessed as ordinary income and therefore it is assessable income. b. All business receipts are likely to be assessable as ordinary income c. The transaction was considered not assessable income as it was a sale of capital. d. The transaction was exempt from tax as it was a corporate restructuring