48. LO.3 Carla was the owner of vacant land that she was holding for investment. She paid $1 million for the land in 2013. Raymond was an investor in vacant land. He thought Carlas land might be the site of an exit ramp from a new freeway. Raymond gave Carla $836,000 for an option on her land in 2014. The option was good for two years and gave Raymond the ability to purchase Carlas land for $4,765,000. The freeway was not approved by the government, and Raymonds option expired in 2015. Does Carla have $836,000 of long-term capital gain upon the expiration of the option? Explain.