Assume that the Cumacks' automobile was stolen during 2016. The automobile was uninsured for theft and had a fair market value of $7,000, and an adjusted basis of $10,000. Which code section and subsection provide the limitations that apply to the deductibility of the Cumacks' uninsured theft loss?

Answer rating: 100% (QA)

The limitations on the deductibility of uninsured theft losses are outlin... View the full answer