Explain, with reasons, whether the gain of each scenario are assessable to Malaysian income tax.

Scenario 1: Annette, an entrepreneurs, acquired a bungalow lot costing RM400,000 at Ipoh in 2009, with intention to build a nice home for her family. She utilized her savings to settle the down payment of RM50,000. The balance of the acquisition price was financed by a 25-years bank loan. Since then, her business has not been good and the bungalow lot was left vacant. In 2019, she was approached by a real estate agent to sell the lot with very attractive price. She accepted the offer and sold the lot at a gain of RM170,000. This was her first sale transaction of real property. (15 marks)

SUBJECT: BUSINESS TAXATION