On January 10, 2012, Wally Sold an Option for $2,000

question 52

Essay

On January 10, 2012, Wally sold an option for $2,000 on vacant land he held as an investment.He had purchased the land in 2008 for $76,000.The option allowed the option holder to purchase the property for $122,000 plus the cost of the option.On March 1, 2012, the option holder exercised the option.What is the amount and nature of Wally's gain or loss from disposition of the land?

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Definitions:

Perineal Area

The region of the body between the anus and the genitals, encompassing the perineum.

Foley Catheter

A flexible tube inserted into the bladder to drain urine, commonly used for patients unable to urinate on their own.

Intermittent Straight Catheter

A type of catheterization that involves periodically inserting a catheter into the bladder to drain urine, typically used to manage urinary retention.

Urinary Retention

The inability to completely empty the bladder, leading to discomfort and potential complications.