casualty loss, tax consequences, and applicable laws-Taxes

timer Asked: Apr 25th, 2016

Question description

If a client comes to you and explains that she purchased a car because she had a casualty loss due to her car being damaged in a storm but also thinks that the government owes her because of the neighborhood flooding that damaged her car. Explain to her the applicable laws for this type of event and what tax consequence if any may come from the loss of her car.

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