Chris purchased a block of land in 2005 for $500,000 on which he intended to build new business premises. By 2009 it became clear that he would not be able to finance the construction himself so, in March 2010, he entered into a "sale and lease back" contract with a property developer. The developer agreed to buy the land from Chris for its current market value of $750,000, build the premises and then lease them to Chris for 25 years at a commercial rental. Is the $250,000 'profit' assessable income in Chris's hands? [Ignore the CGT provisions] (3 marks)