(1) Where a business of dealing in or developing land is, or is to be regarded as, a trade within Schedule D or a part of such a trade, the provisions applicable to Case I of that Schedule shall, as respects the computation of the profits or gains of the business, apply subject to subsections (2) to (4).
(a) Any consideration (other than rent or an amount treated as rent under section 98) for the disposal of an interest in any land or in a part of any land shall be treated as a consideration for the disposal of trading stock and accordingly shall be taken into account as a trading receipt.
(b) Any interest in any land which is held by a person carrying on a trade (in this section referred to as "the trader") and which has become trading stock of the trade shall thereafter, until the discontinuance of the trade, continue to be such trading stock.
(c) Where the trader has acquired an interest in any land otherwise than for consideration in money or money's worth, the trader shall, su
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