LO.2 Anwar owns vacant land that he purchased many years ago as an investment. After getting approval

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LO.2 Anwar owns vacant land that he purchased many years ago as an investment. After getting approval to subdivide it into 35 lots, he made minimal improvements and then sold the entire property to a real estate developer. Anwar’s recognized gain on the sale was $1.2 million. Is this transaction eligible for the ‘’real property subdivided for sale’’ provisions? Why or why not?

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