Bennett Purchased a Tract of Land for $20,000 in 2012

question 7

Multiple Choice

Bennett purchased a tract of land for $20,000 in 2012 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 2018 and the value of the land fell to $15,000.Bennett can claim a loss in 2018 of:

• A)$0
• B)$5,000
• C)$165,000
• D)$180,000
• E)None of the above

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