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Question #7Marilyn Fox owns a large piece of land that she acquired several years ago for $85,000

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Question #7Marilyn Fox owns a large piece of land that she acquired several years ago for $85,000.   For several years, she hasbeen using the property to run a high security parking lot operation.  On January 1, 2019, she gives the property toher common-law partner Ellen Degen.  At this time, the fair market value of the land is $170,000.  Marilyn does notelect out of ITA 73(1).During 2019, Ellen continues the parking lot  operation, which produces a net business  income of $8,500.   OnJanuary 1, 2020, Ellen sells the parking lot for $190,000.What are the tax consequences of these events for Marilyn and Ellen during 2019 and 2020?    If there are no taxconsequences for either individual in a given year, you should clearly state this fact in your answer