Essay
On January 10, 2017, Wally sold an option for $2,000 on vacant land he held as an investment. He had purchased the land in 2013 for $76,000. The option allowed the option holder to purchase the property for $122,000 plus the cost of the option. On March 1, 2017, the option holder exercised the option. What is the amount and nature of Wally's gain or loss from disposition of the land?
Correct Answer:
Verified
Correct Answer:
Verified
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