Some vacant land for investment purposes

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LO.3 Olivia wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years. Four- teen months after purchasing the option, Olivia sells the option for $10,000. What is the amount and character of Olivia's gain or loss

Reference no: EM131040909

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Some vacant land for investment purposes : LO.3 Olivia wants to buy some vacant land for investment purposes. She cannot afford the full purchase price. Instead, Olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years. Four- teen mon..

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