XT Inc. is a Canadian -controlled private corporation operating a retail business. Its fiscal year end is December 31. On October 1, 2019, the controlling shareholder sold all of her XT shares to YY Inc. YY is not related to XT. As of September 30, 2019, XT had net income from business of $400,000. A review of XTs balance sheet revealed the following:

	Cost	Undepreciated Capital Cost	Market value
Inventory	600,000	0	550,000
Investment in shares of a CCPC	100,000	0	20,000
Land	100,000	0	400,000
Building	600,000	420,000	700,000

At the end of the previous year, XT had a net capital loss for tax purposes of $30,000 incurred in 2017.

Required:

Indicate the tax implications for XT from the change in ownership