Tony receives $58,000 from a real estate developer for an option to purchase land Tony is holding

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Tony receives $58,000 from a real estate developer for an option to purchase land Tony is holding for homesite development. Fourteen months later, the option expires unexercised. How is the $58,000 taxed to Tony?

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South Western Federal Taxation 2015

ISBN: 9781305310810

38th Edition

Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young

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Question Posted: May 04, 2023 06:10 AM

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Tony receives $58,000 from a real estate developer for an option to purchase land Tony is holding

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South Western Federal Taxation 2015

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