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Pages:
1 pages/≈275 words
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0
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 4.32
Topic:
The Cause of Property Loss
Essay Instructions:
Topic: Property Deductions When property is disposed of, what factors influence the amount of the deductible loss? Define. What is the importance, if any, of passive activity? Compare and contrast the computational rules for deducting casualty losses on personal-use property with casualty losses incurred on business or investment property. Define the difference. What are the limitations for both?
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Response 1
Your work is quite comprehensive and thorough, something that is a great ingredient for a constructive discussion. There are certain factors that determine the amount of the deductible loss when the property is lost. This is especially the case when it comes to a significant amount of loss. I agree with you that there is a way in which one can manipulate tax deductions through the disposal of property, especially under the threat of condemnation. You have offered several ways that property can be disposed of and, in the process, help lift the tax burden on oneself. It is worth noting that there is much importance that should be placed on the nature of the property in question. Personal property is usually handled differe...
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