Mike Beasley buys and sells real estate. On December 31, 2016, his inventory of property included a tract of undeveloped land for which he had paid $800,000. The fair market value of the land was $900,000 at that date. How much income should Beasley report for 2016 in connection with this land? How much is the income reported in connection with the land?

Answer rating: 100% (QA)

Using the fair market ... View the full answer