#5) (6 Marks) Mr. Willis had purchased an apartment block in 2001 and the following details are provided regarding this property: Land Building $72,200 $117,200 Total Cost $189,400 UCC-Class 1 4% $72,200 Currently, there is a new development being proposed for the area. Mr. Willis has been approached by the developers to sell his apartment block for $500,000. This offer is allocated as $0 for the building and $500,000 for the land. REQUIRED: Advise Mr. Willis of the tax consequences of the sale if he accepts the developer's offer in 2017. Show all calculations