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Question Content AreaEmilio owns vacant land he is holding for investment. Two years ago, he...

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Accounting

Question Content AreaEmilio owns vacant land he is holding for investment. Two years ago, he granted an option to purchase the land. The option grantee paid $25,000 for the option. This year, the option expired unexercised. As a result, Emilio has:
a. A $25,000 short-term capital gain.
b. A $25,000 long-term capital gain.
c. A $25,000 ordinary gain.
d. No recognized gain or loss.

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