Bass Ltd., a Canadian-controlled private corporation, sold two parcels of land during its 2022 taxation year. Details of each transaction are as follows:

1. Bass sold a one-hectare site in Ottawa for $200,000. They received the full price in cash. They had purchased the land five years before for $160,000. Bass had intended to construct a warehouse on the land for the purpose of storing inventory for its 12 retail stores. Subsequently, they decided that the warehouse should be located in Sudbury; for this reason, Bass sold the Ottawa site. 

2. Bass sold a two-hectare site in Guelph for $600,000. They had purchased the land two years previously for $320,000 with the intention of selling it after property values increased. Bass received a $90,000 down payment in 2022. The full balance of the purchase price is due and payable in 2026.

Required: 

(a) Determine the minimum increase to the 2022 income for tax purposes of Bass Ltd. as a result of the two property sales (ignore interest considerations on any unpaid balance). 

(b) In what years will the gain, if any, be recognized for the Guelph property.