This week Jims residence was heavily damaged by a storm system that spread destruction throughout the region.
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This week Jim’s residence was heavily damaged by a storm system that spread destruction throughout the region. While Jim’s property insurance covers some of the damage, there is a significant amount of uninsured loss.
The governor of Jim’s state has requested that the president declare the region a federal disaster area and provide federal disaster assistance. Explain to Jim the income tax implications of such a declaration and any associated tax planning possibilities.
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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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