MCO 08-10 A corporation owned a shopping mall and... A corporation owned a shopping mall and decided in 2018 it had too much area devoted to parking spaces. So it redeveloped the area at a cost of $200,000, over two years, and sold it in 2020. The excess area had an original cost of $50,000, and a fair market value of $80,000 in 2018. The property was sold for $750.000 What would be the tax consequences, and in what years, to the corporation? Mittiple Choice 5 In 2018. no tax consequences in 2020, a taxable capital gain of $250,000 In 2018, no tax consequences. In 2020, a tocable capital gain of $15.000 and business income of $470.000 In 2018 a taxable capital gain of 15.000. In 2020 taxable capital gain of $235.000 in 2018 a taxable capital gain of 515,000 in 2020, business income of $470,000 In 2015, Dan (purchased vacant land for $30,000. In 2018, Dan sold a three year option, for $2.000, to a Janotto purchase the land for $100,000. The land was valued at $80,000 at that time. In 2020, Janet exercised the optlon and purchased the land at the option price. Assuming the land was capital property, what would be the amount of the taxable capital gain to Dan in 2020? Multiple Choice $11.000 O $10,000 $35.000 $36.000 in 2020, an individual sold shares of their small business corporation (SEC) for $600,000. The adjusted cost base (ACE) of the shares was $60,000. On January 31 2021, the individual invested $500,000 in a new SBC. What would be the amount of the taxable capital gain in 2020? Multiple Choice $70,000 $45.000 $220,000