51 Albert Purchased a Tract of Land for $140,000 in 2011

question 87

Multiple Choice

51. Albert purchased a tract of land for $140,000 in 2011 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 2014 and the value of the land fell to $100,000. What is the amount of loss Albert can claim in 2014?

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

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