Victoria Corporation acquires 100% of the shares of Island Inc. on December 31, 2016 for $2,850,000. At that time, Island Inc. owned one non-depreciable capital property, a piece of vacant land with an ACB of $200,000 and a FMV of $350,000. Since January 1, 2017, Island Inc. has paid dividends totaling $300,000 to Victoria Corporation. On December 31, 2023 when the net tax value (NTV) of Island Inc. is $2,250,000. Island is wound up into Victoria. The windup qualifies for ITA 88(1) treatment. Nanaimo Corporation then sells the vacant land that was owned by Island Inc. for $1,600,000. Required: A. What taxable capital gain will Victoria report as a result of that sale?