When Personal-Use Property Is Covered by Insurance,no Deduction Is Available

question 26

True/False

When personal-use property is covered by insurance,no deduction is available for a casualty loss of the property unless the taxpayer timely files an insurance claim for the loss.

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Definitions:

Hearing

A legal proceeding where arguments, evidence, and testimonies are presented to a judicial authority to resolve a dispute.

Proposed Decision

A preliminary decision offered by a deciding authority with the intention of becoming final, pending any objections or modifications.

Administrative Law Tribunals

Bodies established by the government to make decisions on disputes involving administrative law, often with specialized expertise in particular areas.

Quebec

A province in eastern Canada, known for its French-speaking population and distinctive legal and cultural heritage within the Canadian federation.