Uie LandSdn.Bhd.(ULSB)acquired150acresofagriculturelandlocatedatKamparin2000 forRM50million.ULSBintendedtodevelopthelandintoaresidentialhousingarea.However, it was unable to do so because the process of conversion from agricultural to residential land wasnotapprovedbythelocalcouncil.Thelandwasshownasanitemunderfixedassetsinthe accounts of ULSB. In the meantime, the company derived sales from fruits and vegetables amounted to RM 50,000 for the year 2017. Part of the land was compulsorily acquired by the government in January 2018, for a new proposed railway and the company was paid a compensationofRM10million.TheremaininglandwassubsequentlysoldinSeptember2017 for RM 60 million. The company had no previous dealing in land and there was no organized activity to promote the sale of theland

Required:

Explain the tax treatments for the scenarios listed below. Support your answers with relevant

(10 marks)