A taxpayer purchases a set of China dishes for $50,000. Their accountant tells them that the China dishes can sit for a year, be donated to charity, then deducted for the full amount of $200,000. Is this true? Yes, if that is their true value No, because the taxpayer only paid $50,000 for the China dishes No, if the taxpayer donates the proceeds of the sale Yes, if the taxpayer paid fair market value at the time Can losses be carried backwards? Yes, but only if a fee is paid Yes, Congress passed this law in December of 2019 No, losses can only be carried forwards Sometimes losses can be carried backwards based on income