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Internal Revenue Code For Carpenter Case Summary

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Internal Revenue Code For Carpenter Case Summary
Hi Catherine! Great job on the information! In regards to the cases, I can understand that more information may be needed to make a more decisive answer for Carpenter. If the Carpenters deliberately and knowingly damaged the ring, then it would become an entirely different scenario as there would be gross or willful negligence. However, if the Carpenters truly had no control over the event, then, in my response, casualty loss deductions would be allowed. I would also like to mention that there is a section in the Internal Revenue Code in regards to deductions and it would be IRC Section 165. It states approximately the same information with Topic 515, but it also mentions “or other casualty…” These are the key words to include any other sudden,
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