3 Bill has been a farmer in Dural for 20 years. Two years ago he decided to retire and ceased farming. At that time his farm was worth $3 million, and he undertook extensive redevelopment of the land including building a bridge over the river and several roads. This development cost $7 million and when it was completed he subdivided the land and sold it piece by piece for a total of $15 million. Advise Bill in relation to the income tax implications of the above facts