Jack, a tenured university professor, has been a malcontent for many years at Rockport University. The university

Question:

Jack, a tenured university professor, has been a malcontent for many years at Rockport University. The university has recently offered to pay $200,000 to Jack if he will relinquish his tenure position and resign. Jack is of the opinion that tenure is an intangible capital asset and the $200,000 received for release of the tenure should be a long-term capital gain. Explain why you agree or disagree.
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