(0) In early 2018, Cyndey Walters received a $2 million settlement in a sexual assault case. She immediately quit her job as a plumber for a construction company. She searched for rundown houses in her neighbourhood that she could buy at a low price. Her objective was to bring her houses up to code, i.e., in accordance with building regulations, and rent them to the women and their children currently being housed in the local overcrowded shelter. Cyndey charged just enough rent to cover the expenses of each house. By March 2019, she owned five houses that were rented to five grateful families. She continued working part time as a plumber while she took courses toward a degree in social work. Cyndey came from a large family, many members of which were involved in the construction business. She called on her family for help when her tenants needed services, and they gave her a family discount on their invoices. In June 2020, she learned through her uncle (an undertaker) that the owner of two low rise apartment buildings in the neighbourhood had died. They were vacant and in very poor condi tion. The executor of the estate, the 90 year old brother of the deceased, wanted a quick sale. Cyndey offered $250,000 cash for the two buildings and the large parking lot between them. The offer was immediately accepted. She believed the land alone was worth more than $250,000 and was surprised the executor did not make a higher counteroffer. As this was a much larger project than the single family homes she had worked on before, she enlisted the aid of her father, an experienced contractor. He agreed to be the general contractor for the project. In late July 2020, he suffered a massive heart attack while working late at night over the project's plans. He subsequently died. In August 2020, a major software company announced it was going to move its Canadian head quarters into the neighbourhood within two years. In September 2020, Cyndey received an unsolicited offer of $1.5 million for her property. The purchaser intends to construct a luxury condo building to house the newly hired workers. The offer requires Cyndey to take back a $1 million first mortgage on the property. The mortgage will be repaid in four annual instalments of $250,000 each, beginning in 2021. Because her mother blames Cyndey for causing the heart attack that killed her father, she reluctantly accepts the offer. She hopes the sale will ease the family conflict. In November 2020, Cyndey begins to receive unsolicited cash offers for her rental houses. The offers are all for more than double what she paid for the houses. Required: Cyndey has sought your advice about the income tax treatment of the sale of the two apartment buildings and parking lot. Provide the necessary advice, including the calculation of the minimum amount of capital gains that would be required to be included in Cyndey's net income for the year of sale on the assumption that the properties acquired are capital property