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James purchased a home in Los Angeles on July 1, 2016. The purchase price was $1,000,000, and Mr. James spent $100,000 on capital additions. Mr.
James purchased a home in Los Angeles on July 1, 2016. The purchase price was $1,000,000, and Mr. James spent $100,000 on capital additions. Mr. James was not entitled to depreciate the home as it was a personal-use asset. On January 1, 2018, Mr. James sold the home for $900,000. What is Mr. Jamess recognized loss on the sale of the home?
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