Skip to content
Warren AI
Sign in
Income Tax Planning
Chapter 7: Itemized Deductions/BUSINESS CASUALTY AND THEFT LOSSES
Warren Academy Course SyllabusSyllabus Slides
Chapter Study Session

Chapter 7: Itemized Deductions

BUSINESS CASUALTY AND THEFT LOSSES

01.Core Concepts

Above-the-Line Deduction • Amount of deduction depends on whether the event caused • A complete loss (FMV after the event = 0)  Loss = Adj. basis in property less insurance proceeds • A partial loss  Loss is the lesser of • Decline in value, or • Adjusted basis in property, less insurance proceeds