After school, Santa takes the train and then the bus to your home. The train ride is 40 minutes longer than the bus ride. Total travel time is 1 1/3 hours. How long does the bus ride take?
Let the duration of the bus ride be x minutes.
The train ride is 40 minutes longer, so the duration of the train ride is x + 40 minutes.
Total travel time is 1 1/3 hours, or 1 hour and 20 minutes, which is equivalent to 80 minutes.
Thus, x + (x + 40) = 80.
Combining like terms, we get 2x + 40 = 80.
Subtracting 40 from both sides of the equation, we get 2x = 40.
Dividing both sides of the equation by 2, we get x = <<20=20>>20.
Therefore, the bus ride takes 20 minutes. Answer: \boxed{20}.