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Note 2- The land sale (vacant land) was a result of an unexpected offer as a result of the company abandoning its plans to build

Note 2- The land sale (vacant land) was a result of an unexpected offer as a result of the company

abandoning its plans to build a new warehouse. The land had been held for 10 years. The ACB of the land was $21,000 and proceeds received were $47,000. Assume the treatment is a

non-active asset.

how should this be treated

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