Question: If I have a client that is in a partnership and one of the partners purchased a piece of land with a basis of $750,000.00

If I have a client that is in a partnership and one of the partners purchased a piece of land with a basis of $750,000.00 for the possibility of expansion but decide to sell it years later at a loss of approximately $600,000.00 plus other associated costs, then how does it affect him on his taxes. Basically, how much of a loss can he take per year?

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