Inheriting a piece of property


Problem: Suppose you have inherited a piece of property about two hours from where you live and work, on an undeveloped lot on a lake. It is a beautiful spot, and you intend to build a small summer house on it, so you and your family can vacation there. You've been saving up to do this, but after five years have passed, environmentalists discover that your property is part of "critical habitat" for the spotted green-toed guttersnipe, a species of lizard protected under the federal Endangered Species Act. This means you will never be able to build on that land. What is your reaction?

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Accounting Basics: Inheriting a piece of property
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