Question Content AreaEmilio owns vacant land he is holding for investment. Two years ago, he...
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Question Content AreaEmilio owns vacant land he is holding for investment. Two years ago, he granted an option to purchase the land. The option grantee paid $ for the option. This year, the option expired unexercised. As a result, Emilio has: a A $ shortterm capital gain. b A $ longterm capital gain. c A $ ordinary gain. d No recognized gain or loss.
Question Content AreaEmilio owns vacant land he is holding for investment. Two years ago, he granted an option to purchase the land. The option grantee paid $ for the option. This year, the option expired unexercised. As a result, Emilio has:
a A $ shortterm capital gain.
b A $ longterm capital gain.
c A $ ordinary gain.
d No recognized gain or loss.
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