[Anonymous]

I will take REG July23.

Regarding casualty loss, if there are 2 different types of losses , the deduction is $100 for each loss, or deduction of only $100 for 2 losses together?

Need fast help.

Thanks

[NJCPA2B]

I took REG 3x and remember this topic….

The $100.00 loss is per event/incident and not per the number of assets loss.

Also, the $100.00 deduction doesn't apply to corps.

BEC=77, FAR=78, REG=73,74,80, AUD=70,69, 84 DONE!

[Anonymous]

Just to support the second poster above…. YES… it is $100/event. This is for 2010 and into the future. I would watch the dates on the exam… and just to be safe, remember it was $500/event in 2009.

Also… don't forget to apply the 10 percent AGI floor after you apply the $100/event(s).

[Author]

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