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In 1994, petitioner and Mrs. Wood entered into a contract to

sell the undeveloped land in Florida, but the buyer failed to

perform under the contract.

On April 29, 1994, petitioner and Mrs. Wood filed for

bankruptcy under chapter 11 of the Bankruptcy Code (chapter 11)

in the U.S. Bankruptcy Court for the Southern District of Florida

(the

bankruptcy

court).

On

May

9,

1994,

petitioner and Mrs. Wood

sold the New Jersey house for $334,000.

They incurred $20,300 of

expenses

related

to

the

sale.

Allowable

depreciation for the 3-

year period the house was rented totaled

$9,737.

On September 13, 1994, the Internal

Revenue Service (IRS)

filed with the bankruptcy court a

proof of claim, claiming an

unsecured nonpriority claim of $2

,200 and an unsecured priority

claim of $20,389.54.

On January 18, 1995, petitio

ner and Mrs. Wood filed with the

bankruptcy court their chapter 11

plan of reorganization.

Pursuant to the plan, the bankrup

tcy court retained jurisdiction

of the case until all payments an

d distributions called for under

the

plan

had

been

made.

The

plan

noted that the Florida house

had been listed with a licensed r

ealtor for sale for $994,900.

By order dated February 6, 1

995, the bankruptcy court

confirmed the plan of reorganizat

ion.

The

order

confirming

the

plan proclaimed:

that, except as provided in Debtors are discharged from

the Plan, the individual any debt that arose before

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