Albert Purchased a Tract of Land for $140,000 in 2014

question 28

Multiple Choice

Albert purchased a tract of land for $140,000 in 2014 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 2017 and the value of the land fell to $100,000. What is the amount of loss Albert can claim in 2017?

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

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