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A piece of land was purchased by Yacov Corporation Led. for the purpose of constructing a high-rise residential building. Plans were made for the development of the property, surveys were made and the land was stripped and excavated in preparation for construction. Subsequent to this work on the land, it was determined that the location was not suitable for the intended purpose, due to heavy truck traffic in the area. As a result, the property was listed for sale with the realtor who acted in the original purchase.
The corporation had been newly formed when the above land was purchased. At about the same time, another piece of land was purchased and was developed into a commercial/industrial plaza which the corporation continues to own as a rental property. The principal shareholder of the corporation, Jake Yacov, owns and operates an electrical contracting business
The Articles of Incorporation of the corporation contain the following statement of objects;
Question 1: Write a memo for the Yacov Corporation Lid.'s file evaluating the issue of whether the sale of the land should be treated as a receipt of income or capital gain for tax purposes. Arrive at a conclusion consistent with your analysis of the facts, but indicate the basis for any areas of potential opposition to your conclusion.14,875
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