Question: The scenario In 2020 Creamy Acres Pty. Ltd. ("Creamy Acres") purchased 100 acres of land. Creamy Acres was formed to purchase the land and use it as a dairy farm. However, since the land was purchased, it has not been used as a dairy farm or for any other purpose. Ava and Adam own 50% each of the shares in Creamy Acres and they are its sole directors. They have no experience in primary production activities such as dairy farming, but they have previously bought and sold properties. Required: 1. Imagine you are a registered tax agent and that Ava and Adam come to you for advice: (a) First, advise Ava and Adam as to the Australian income tax consequences of Creamy Acres selling the land; and 14 marks (b) Second, advise Ava and Adam as to the Australian income tax consequences if they were to sell their shares in Creamy Acres.