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To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
To calculate the loss on residential property that was converted into a rental, prior to the sale of the property, Treasury Regulation section 1.165-9(2) states that the basis of the property will be the lesser of either the fair market value at the time of conversion or the adjusted basis determined under Treasury Regulation section 1.1011-1.
Property crime is a category of crime, usually involving private property, that includes, among other crimes, burglary, larceny, theft, motor vehicle theft, arson, shoplifting, and vandalism. Property crime is a crime to obtain money, property, or some other benefit.
According to the New Orleans city council crime dashboard auto theft is down 48%, vehicle burglary is down 47%, and carjacking is down 42%, all of which were huge issues in 2023.
The $1.4 million scheme Dell and his accomplices carried out is only a drop in the bucket. Retailers suffered more than $112 billion in losses due to shrink last year alone, according to the ...
Retailers say they're seeing theft and rampant crime soar in their stores, prompting them to rethink how they operate, according to a new survey. 'Unprecedented' theft contributed to $112 billion ...
Internal theft is typically identified by reporting systems, first-hand visual/CCTV surveillance or tips from coworkers. It frequently occurs via dishonest operation of the Point of Sale (POS) system. Internal theft traditionally causes more loss to a business than external theft due to the increased opportunity available to internal staff members.
The alleged theft-spree came to an end when Lululemon investigators noticed the high theft loss after the pair set off a security alarm while leaving a store in Woodbury, Minnesota. Akwele Lawes ...