Albert Purchased a Tract of Land for $140,000 in 2010

question 214

Multiple Choice

Albert purchased a tract of land for $140,000 in 2010 when he heard that a new highway was going to be constructed through the property and that the land would soon be worth $200,000.Highway engineers surveyed the property and indicated that he would probably get $180,000.The highway project was abandoned in 2013 and the value of the land fell to $100,000.What is the amount of loss Albert can claim in 2013?

• A)$40,000.
• B)$60,000.
• C)$80,000.
• D)$100,000.
• E)None of the above.

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Definitions:

Permissive

An adjective describing an approach or policy that allows or tolerates behaviors that might be restricted in more controlled environments.

Adopted Children

Individuals who have been legally taken and raised by parents who are not their biological parents.

Authoritarian

An authoritarian refers to a governing or leadership style characterized by absolute or blind obedience to authority, as against individual freedom and related to centralized power.

Authoritative

A parenting style characterized by high demands and high responsiveness, where parents set clear standards for their children but also encourage independence and are open to communication.