A casualty loss from the complete destruction of a personal asset is limited to the lesser of

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A casualty loss from the complete destruction of a personal asset is limited to the lesser of fair market value or the property's adjusted basis. Explain the rationale for this rule as opposed to just allowing a deduction for the basis of the asset.

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Taxation Of Individuals And Business Entities 2015

ISBN: 9780077862367

6th Edition

Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver

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Question Posted: Jan 20, 2017 10:12 AM

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A casualty loss from the complete destruction of a personal asset is limited to the lesser of

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The loss from any specific event is limited to the lesser of the economic loss or the tax ...View the full answer

Taxation Of Individuals And Business Entities 2015

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