John Smith has come to you for some tax advice concerning the potential sale and relocation of his unincorporated wholesaling business, Smith Sales, which has a December 31 year-end. He has received an extremely favourable offer to purchase the business land and building (Class 1) if he can vacate the premises by December 15, 2023. John has already investigated other properties in the area and he has located a suitable site which he can acquire in June 2024, after the expiration of the current tenant's lease on that property. He intends to sell all of his present business assets in December 2023 and to travel around the world for six months, before moving into the new location and purchasing new assets to resume his business. The following assets will be sold in December 2023: Accounts Receivable Inventory Land Building Furniture & Fixtures Estimated proceeds $9,000 $13,500 $675,000 $400,000 $12,000 ACB 11,200 14,625 170,000 112,500 56,250 UCC (Jan.1/23) N/A N/A N/A 50,625 22,500 Additional Information: The accounts receivable will be sold to a factoring agent. The reserve for doubtful debts deducted for tax purposes in 2022 was $900. The furniture and fixtures will be sold to a dealer in those assets