Year of Award
Master of Science in Taxation (MST)
College of Business & Professional Studies
taxpayer, insurance, value, revenue
The purpose of this paper is to provide insight and knowledge to taxpayers who have been affected by a major disaster. This thesis will cover:
• general provisions of a casualty loss;
• applying the law;
• determining the taxpayer's loss; and
• elections that can be made as a result of the loss.
It will further discuss problems that may arise, provide possible solutions, and outline changes needed in the current law. This thesis will also cover the following areas: (1) proving the loss, (2) effects of reimbursement, (3) provisions if the taxpayer moves, and (4) whether or not there will be a gain. Many taxpayers who have been affected by a major disaster think that there will be a large tax writeoff. They are shocked to discover the restrictions that the law has placed on casualty losses. In essence there are three possible outcomes for the taxpayer: (1) a small loss, (2) no loss, or (3) a possible gain. Although some relief has been provided for major disasters, it does not relieve the financial burden placed on taxpayers forcing them to rebuild their future.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial-Share Alike 4.0 License.
Cook, Sharon E., "Effect of Casualty Losses on Federally Declared Disasters" (1994). Theses, Dissertations, and Capstone Projects. 245.
Available to Fontbonne users only. Please log in with your id + password.
If you are the author of this work and would like to make it openly accessible to all, please click the button above.