The case study revolves around Bill, who owns a large portion of land with pine trees. Initially, he planned to use the land for sheep grazing and intended to clear the land. However, a logging company approached him offering to take timber from his land in exchange for $1,000 per 100 meters. The analysis is based on several legislations, including Section 6(1) of the ITAA 1936, Taxation Rulings TR 95/6, and Subsection 36(1). It is concluded that Bill's receipt of a lump sum from the logging company would be treated as