Willie is the owner of vacant land that he purchased in 2010 for $1,400,000 and held for investment. On January 22, 2013, he was paid $145,000 for a thirteen-month option on the land by Susan. Susan could buy the land for an additional $1,200,000 by exercising the option. Susan had hoped to build a luxury home on the land, but was unable to get approval to build a big enough home to satisfy her needs. Consequently, Susan did not exercise her option and the option expired on February 22, 2014. (1) What is Willie