The theft of property included in the gross estate is only deductible in calculating the taxable estate if the loss exceeds 10 percent of the decedent's adjusted gross estate.
Casualty and theft losses are deductible without any floor limitation.

Question

Quizplus · Accepted Answer

The statement is false. The theft of property included in the gross estate is deductible in calculating the taxable estate without any floor limitation, while casualty and theft losses incurred during the decedent's lifetime are subject to a floor limitation of 10 percent of the adjusted gross income.

The Theft of Property Included in the Gross Estate Is