LO.3, 4 The value of Marys personal residence has declined significantly because of a recent forest fire
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LO.3, 4 The value of Mary’s personal residence has declined significantly because of a recent forest fire in the area where she lives. Mary’s house suffered no actual damage during the fire, but because much of the surrounding area was destroyed, the value of all of the homes in the area declined substantially. Discuss whether Mary can take a casualty loss for the decline in value of her residence caused by the fire.
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South Western Federal Taxation 2013 Individual Income Taxes
ISBN: 9781133189558
36th Edition
Authors: William Hoffman, James E. Smith
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