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Willie was tired of cleaning up the messes that his wife, Barbara, made in their house. One morning, he found a crumpled facial tissue on
Willie was tired of cleaning up the messes that his wife, Barbara, made in their house. One morning, he found a crumpled facial tissue on the bathroom vanity, so he disgustedly flushed it down the toilet. Unfortunately, the tissue was wrapped around Barbara's engagement ring, which she had removed the previous evening after cutting her finger while shoveling snow. Is the couple allowed a deductible casualty loss for federal income tax purposes under IRC section 165? Cite your sources.
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