On January 1, Carmen Industries bought a parcel of land for use in its operations by paying the seller $100,000 in cash and signing a note payable in the amount of $400,000. The note carries a 12% interest rate and is due in five years. In connection with the purchase of the land, Carmen incurred legal fees of $19,000, a real estate agent sales commission of $25,000, surveying fees of $1,000, and an appraisal fee of $5,000. What is the cost of the land

David paid $975,000 for two beachfront lots in coastal south carolina, with the intention of building residential homes on each. two years later, the south carolina legislature passed the beachfront management act, barring any further development of the coast, including david's lots. when david files a complaint to seek compensation for his property, south carolina refuses, pointing to a passage in david's own complaint that states "the beachfront management act [was] properly and validly designed to south carolina's " is south carolina required to compensate david under the takings clause?