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When property is disposed of, what factors influence the amount of the deductible loss? Define. What is the importance, if any, of passive activity? Compare

When property is disposed of, what factors influence the amount of the deductible loss? Define.

What is the importance, if any, of passive activity?

Compare and contrast the computational rules for deducting casualty losses on personal-use property with casualty losses incurred on business or investment property. Define the difference. What are the limitations for both?

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