Insured business losses; if they are unclaimed they may still be deductible.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on February 1, 1992. The length of the article is 4915 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: A business need not file an insurance claim to claim a section 165 casualty loss tax deduction. This was borne out in Tax Court cases such as Hills and Miller. Congress specified , in the Tax Reform Act of 1986, that individual taxpayers must file an insurance claim in order to claim a casualty loss but ignored requirements for businesses. For business, the costs derived from filing an insurance claim may be greater than the tax savings achieved by not filing one.

Citation Details
Title: Insured business losses; if they are unclaimed they may still be deductible.
Author: Charles E. Price
Publication:The Tax Adviser (Magazine/Journal)
Date: February 1, 1992
Publisher: American Institute of CPA's
Volume: 23 Issue: n2 Page: 116(6)

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