Bennett purchased a tract of land for $20,000 in 2004 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 2013 and the value of the land fell to $15,000.Bennett can claim a loss in 2013 of:

Question

Quizplus · Accepted Answer

Bennett cannot claim a loss because the loss in value is due to a change in market conditions, not a sale or disposition of the property.

Bennett Purchased a Tract of Land for $20,000 in 2004