Post: OK: Capital Gains raw land unforeseen circumstances

Posted by Candy on 1/19/10

My husband and I sold 50 acres of ranch land in 2009. The
50 acres were used for the business purpose of ranching.
Prior to the sale (but after the original sales contract
was written; 1 day before closing) an oil developer
unlawfully dessimated the land with a bulldozer. We sued
the oil developer for illegal trespass and won 6000. The
buyer renogotiated the sales contract and purchased the
land 5000 cheaper than originally contracted for. Does the
fact that our land was unforeseenly dessimated give us a
legal leg to stand on in regards to our capital gains.

Posts on this thread, including this one

OK: Capital Gains raw land unforeseen circumstances, 1/19/10, by Candy.