A casualty loss from the complete destruction of a personal asset is limited to the lesser of
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A casualty loss from the complete destruction of a personal asset is limited to the lesser of fair market value or the property’s adjusted basis. Explain the rationale for this rule as opposed to just allowing a deduction for the basis of the asset.
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Related Book For
McGraw-Hill's Taxation Of Individuals
ISBN: 9781259729027
2017 Edition
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
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