Fung Wo purchased vacant land on a remote island off the coast of British Columbia on January 1, 2017 for $50,000. She intended to re-sell it for a profit the next year but due to an oil spill, property values dropped. She was finally able to sell the vacant land for $45,000 on December 31, 2020. In the meantime, she paid property taxes of $500 each year. For 2020 tax purposes, Fung Wo has:

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The Answer of Fung Wo purchased vacant land on a remote island off the coast of British Columbia on January 1, 2017 for $50,000. She intended to re-sell it for a profit the next year but due to an oil spill, property values dropped. She was finally able to sell the vacant land for $45,000 on December 31, 2020. In the meantime, she paid property taxes of $500 each year. For 2020 tax purposes, Fung Wo has:

Fung Wo Purchased Vacant Land on a Remote Island Off