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Waylan purchased a tract of land for $100,000 in 1997

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Waylan purchased a tract of land for $100,000 in 1997 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 $150,000. The highway project was abandoned in 2004 and the value of the land fell to $80,000. What is the amount of loss Waylan can claim in 2004?

a. $0.
b. $20,000.
c. $50,000.
d. $100,000.
e. None of the above.

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