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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.
Drivers in the U.S. reported over a million motor vehicles stolen in 2023, according to the National Insurance Crime Bureau (NICB). That’s roughly the same theft rate as 2022, but part of an ...
Motor vehicle theft or car theft (also known as a grand theft auto in the United States) is the criminal act of stealing or attempting to steal a motor vehicle. In 2020, there were 810,400 vehicles reported stolen in the United States, up from 724,872 in 2019. [1] Property losses due to motor vehicle theft in 2020 were estimated at $7.4 billion ...
Billionaire Elon Musk, a key adviser to the incoming Trump administration, called for the Consumer Financial Protection Bureau to be eliminated, setting his sights on a regulator that has often ...
Although USAA has been a respected financial institution for decades, serving members of the military, veterans, and their families, it has landed in hot water with regulators and customers in ...
Retail loss prevention (also known as retail asset protection) is a set of practices employed by retail companies to preserve profit. [1] Loss prevention is mainly found within the retail sector but also can be found within other business environments. Retail loss prevention is geared towards the elimination of preventable loss. [2]