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U. Introduction and Review of the Federal Income Tax Issues of §165 Casualty and Theft Losses for Individual Taxpayers
January 16@10:00 AM - 12:15 PM PST$99
Member Price: $99.00 | Non-Member Price: $119.00
The objective of this course is to introduce the Tax Professional to the §165 provisions of the federal income tax rules dealing with casualty and theft loss deductions pertaining to individual taxpayers. The course will discuss the requirements of deductibility and will introduce and discuss new terms such as “identifiable event,” “sudden and unexpected and unusual.” It will clearly identify which casualties and losses are not deductible. The course will introduce and discuss the 2 limitations under $100 rule and the 10% of Adjusted Gross Income (AGI) rule.
After completing this course, tax professionals will be able to apply the provision of §165 and determine which casualties and theft are allowable as a deduction in the current tax year and why. The participants will also understand how to calculate a casualty or theft loss for individual taxpayers and determine how much of the loss can be deducted after reduction for the $100 and 10% of AGI limitations.