The transfer of land by an individual to a corporation which had been using the land in its car dealership business was an exempt transaction notwithstanding the requirement in s. 3(1) that prior to the transfer the land had been used "predominantly in the operation of an active business which was operated exclusively by an individual". Although prior to the transfer the business was owned by the corporation, that business was operated by the individual due to his effective control of the business. Furthermore, the word "individual" should be interpreted to include a corporation given that there is no relevant statutory definition of this term.