Which of the following losses are generally deductible?
I.Loss on the sale of a personal residence.
II.Loss due to the theft of business inventory.

A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Question

Which of the following losses are generally deductible?
I.Loss on the sale of a personal residence.
II.Loss due to the theft of business inventory.
​
A)Only statement I is correct.
B)Only statement II is correct.
C)Both statements are correct.
D)Neither statement is correct.

Quizplus · Accepted Answer

Loss on the sale of a personal residence is generally not deductible while loss due to the theft of business inventory is deductible as a business expense.

Which of the Following Losses Are Generally Deductible