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Which of the statements regarding the current treatment

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Reference no: EM132819095

Problem 1: Which of the following statements regarding the current treatment of personal casualty losses are true?

Option 1: Personal casualty losses are allowed generally to taxpayers as itemized deductions as long as they exceed 10% of AGI after any insurance reimbursement.

Option 2: Personal casualty losses are allowed only to taxpayer's experiencing personal casualties in presidentially declared disaster areas

Option 3: neither of the above are true

Reference no: EM132819095

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