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Business, 11.12.2019 22:31 idunn

Olivia wants to buy some vacant land for investment purposes. she cannot afford the full purchase price. instead, olivia pays the landowner $8,000 to obtain an option to buy the land for $175,000 anytime in the next four years. fourteen months after purchasing the option, olivia sells the option for $10,000. what is the amount and character of olivia’s gain or loss?

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