Carla was the owner of vacant land that she was holding for investment. She paid $2,000,000 for the land in 2019. Raymond was an investor in vacant land. He thought Carla’s land might be the site of an exit ramp from a new freeway. Raymond gave Carla $836,000 for an option on her land in 2020. The option was good for two years and gave Raymond the ability to purchase Carla’s land for $4,765,000. The freeway was not approved by the government, and Raymond’s option expired in 2022. Does Carla have $836,000 of long-term capital gain upon the expiration of the option? Explain.