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What is the amount and nature of gain or loss

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Reference no: EM132483014

Question 1: On January 10, 2018, you sold an option for $2,000 on vacant land held as an investment. You had purchased the land in 2014 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, 2018, the option holder exercised the option. What is the amount and nature of your gain or loss from disposition of the land?

Reference no: EM132483014

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