Michael is as a self-employed builder and has operated his business in Christchurch for over 25 years. 13 years ago he purchased a block of 4 flats which were built on one title. Last year Michael built 4 garages on the property for each of the tenants to park their cars. He also built a garden shed for the tenants to store their lawn mower and gardening tools. Michael has been approached by a tenant wanting to purchase the block of flats. After much consideration, Michael realises that it is a good offer and agree to sell. Required: With reference to relevant legislation advise Michael whether the gain arising from the sale of the block of flats would be taxable under the land provisions and whether any exemptions would apply.