Is zakat obligatory on a plot of land that was purchased with the intention of trading if its value has not yet been assessed after one year from its purchase, whether it was profitable or at a loss, and how is its zakat calculated?

Zakat is obligatory on a piece of land if it was purchased with the intention of trade, not for housing or rental. The land is appraised at the end of the year (upon the completion of its hawl), and zakat is disbursed at a rate of 2.5% of its value, whether its value has increased or decreased from the purchase price. Both the principal capital and the profit are subject to zakat. It is a condition that the wealth reaches the nisab (equivalent to 85 grams of gold or 595 grams of silver) for zakat to become obligatory.