Lord Denning said that "we can recognise a trade when we see it". The statement refers to well-defined characteristics of trade that can be utilised to make a conclusion whether a transaction constitute trading. The characteristics are referred to as "badges of trade". REQUIRED: Explain FOUR (4) badges of trade with the support of a relevant case each. B. A taxpayer had purchased a piece of land in 2017 for RM5.5 million and left it idle for five (5) years before selling it at a profit for RM11 million in 2022. The taxpayer was then assessed with income tax on the profit. However, the taxpayer claimed the sale of land should not be considered as a trading activity since the land was held for several years, and no income was gained from the land during the period the land was held. Hence, the income gained from the sale of land should not be assessed with income tax. 

REQUIRED: 

State your argument as an officer of the Inland Revenue Board of Malaysia on the above situation. Support your argument with a relevant.