Theses, Dissertations, and Capstone Projects

Year of Award

1994

Degree

Master of Science in Taxation (MST)

College

College of Business & Professional Studies

Degree Program

Taxation

Department

Business Administration

Keywords

taxpayer, insurance, value, revenue

Abstract

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.

Document Type

Restricted Thesis

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