If a Taxpayer Suffers a Loss Attributable to a Disaster

question 15

True/False

If a taxpayer suffers a loss attributable to a disaster in an area subsequently declared a disaster area,the casualty loss may be deducted in the year preceding the year in which the loss actually occurs.

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Definitions:

mITX

Mini-ITX, a small form factor motherboard and case specification, designed for compact and low-power consumer electronics and PCs.

Non-Volatile

Referring to memory storage that retains data even when the power is turned off, ensuring data preservation.

Flash Memory

A type of non-volatile storage that can be electronically erased and reprogrammed, commonly used in USB drives, memory cards, and solid-state drives.

Storage Options

Varieties of data storage solutions such as hard drives, solid-state drives, cloud storage, and external storage devices, each offering different capacities, speeds, and access methods.