quot tax laws and consequences quot please respond to the following

  • Tax season is in full swing. A client comes to you concerned about a potential casualty loss because her car was totaled in a storm last year. She has since purchased a new car, but she still thinks the government “owes” her because the damage was due to insufficient drainage in her neighborhood. Explain the applicable laws for this type of event and what the tax consequences may be, if any, from the loss of her vehicle.

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