A taxpayer suffers a casualty loss on personal use property for which he has insurance coverage. However, to avoid a premium adjustment, the taxpayer fails to make a timely claim. In this situation is the full deduction for the casualty, after the normal floors, available to the tax payer? why or why not?
Question:A taxpayer suffers a casualty loss on personal use property for which he has insurancecoverage. However, to avoid a premium adjustment, the taxpayer fails to make a timely claim. Inthis…
