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In late 2 0 2 4 , the Polks come to you for tax advice. They are considering selling some stock investments for a loss

In late 2024, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation, you note that they have large medical expenses and a casualty loss (in a Federally declared disaster area), neither of which is covered by insurance. What are the tax implications of selling the stock and making a contribution to a traditional IRA?

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