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Bennett purchased a tract of land for $20,000 three years ago when he heard that a new highway was going to be constructed through the
Bennett purchased a tract of land for $20,000 three years ago when he heard that a new highway was going to be constructed through the property and the land would soon be worth $200,000. The highway project was abandoned in the current tax year and the value of the land fell to $15,000. Bennett can claim a loss in the current tax year in the amount of
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