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ON 8 Peter an individual and a Canadian taxpayer, invested in a piece of land in year 2015. Peter was aware that the real estate prices were rising in his area, and land values were expected to double within five years. The land remained vacant and was only used in 2016 when Peter was approached by a businessman to rent the land for two weeks for a local carnival for a flat fee of $1.000. In the year 2020. Peter has been offered a significant sum of money for his land in response to an advertisement he placed in a local newspaper. The sale of land will result in a significant profit for Peter. Required: a) Using the information provided, determine the income tax treatment of the profit on the sale of land. (Provide your rationale to support your answer) b) Explain the income tax treatment for the property taxes that Peter paid every year for the land. ON 8 Peter an individual and a Canadian taxpayer, invested in a piece of land in year 2015. Peter was aware that the real estate prices were rising in his area, and land values were expected to double within five years. The land remained vacant and was only used in 2016 when Peter was approached by a businessman to rent the land for two weeks for a local carnival for a flat fee of $1.000. In the year 2020. Peter has been offered a significant sum of money for his land in response to an advertisement he placed in a local newspaper. The sale of land will result in a significant profit for Peter. Required: a) Using the information provided, determine the income tax treatment of the profit on the sale of land. (Provide your rationale to support your answer) b) Explain the income tax treatment for the property taxes that Peter paid every year for the land