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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
Edition 4ISBN: 978-0078110993 Exercise 19
In 2010, the President of the United States declared a federal disaster due to brush fires in the Southwest. Lisa lives in that area and lost her home in the fires. What choice does she have regarding when she can claim the loss on her tax return? a. It may be claimed in 2009 or 2010.
B) It must be claimed in 2009 if the loss is greater than the modified adjusted gross
Income.
C) It may be claimed in 2011 if an election is filed with the 2010 return.
D) It must be claimed in 2009 if the return has not been filed by the date of the loss.
B) It must be claimed in 2009 if the loss is greater than the modified adjusted gross
Income.
C) It may be claimed in 2011 if an election is filed with the 2010 return.
D) It must be claimed in 2009 if the return has not been filed by the date of the loss.
Explanation
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Fundamentals of Taxation 2011 4th Edition by Ana Cruz, Debra Prendergast, Dan Schisler, Michael Deschamps
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