Which of the following statements is correct regarding casualty insurance proceeds? A. Failure to file an insurance claim for the casualty loss will result in a dis-allowance of the loss that would have been covered by insurance, B. Taxpayers should not file their tax return claiming the casualty loss until the insurance reimbursement is received, C. Tax basis of the property in excess of the insurance proceeds will result in a taxable involuntary conversion gain, D. Insurance reimbursements in subsequent years which are larger than anticipated may be reported as income in the year received.