Which of the following statements about losses in federally declared disaster areas is false?

A. The taxpayer has the option of deducting the loss on the return for the year immediately preceding the year in which the disaster actually occurred

B. Any AGI limitations are based on the AGI of the year the loss is reported.

C. Disaster area loss deductions are subject to a per-event and AGI floor.

D. Once made, the election to deduct the loss on the prior-year return cannot be revoked.