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Explain the applicable laws for the type of event

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Reference no: EM131582839

Discussion: "Federal Tax Laws and Consequences"

Please respond to the following

Tax season is in full swing and a client comes to you concerned about a potential casualty loss because her car was completely damaged in a storm last year. She has since purchased a new car, but she still thinks the government "owes" her because the damage was due to insufficient drainage in her neighborhood. Explain the applicable laws for this type of event and what the tax consequences may be, if any, from the loss of her vehicle.

Reference no: EM131582839

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