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Part $1$

Marvin purchased a large piece of land $5$ years ago when a highway bypass was rumored to have an exit being built nearby. He had planned to subdivide the land into building lots within $5$ years, but has done no work on the land yet. He has rented the land each summer over the Labour Day weekend for$$ $$500.$ A local$$ non$-$profit organization held a huge neighbourhood garage sale on that weekend. A recent heart attack has convinced Marvin to slow down. As a$$ result, he has advertised the land for sale online and an interested buyer is offering to purchase it at a price that would result in a large gain. What would be the character of the$$ gain?

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Part $1$

A$.$

Property income

B$.$

A capital gain

C$.$

A taxable capital gain

D$.$

Business income