catherine purchased a block of land on 7 June 2000 for $450,000 with the intention of subdividing the block, building two townhouses and selling them to make a profit. due to unforeseen circumstances. catherine had to sell the block of land and never got to subdivide or build. she sold the land for the healthy sum of $700,000, a profit of $250,000(disregarding purchase and sale costs)

will the receipt from the disposal of property constitute ordinary income?

yes, because this is a receipt from the sale of the property.

yes because this is a periodic receipt from the use of property

yes, under the Myer Emporium principle.

yes, because this is a receipt from the carrying on of a business.

no, it is a mere realization of a capital asset.