Indicate whether the following is true or false:

 An investment property, consisting of land, which was purchased for C100 000 on 1 January 20X1 is remeasured to its fair value of C120 000 at year-end, 31 December 20X1. Management intends to keep this land and use it as a parking lot to generate rent income.

The income tax rate is 30%.

The land’s base cost is C105 000.

The relevant capital gains inclusion rate is 66,6%.  

The cost of the land is not deductible for tax purposes.

 The deferred tax liability balance at year-end should be: