A Taxpayer May Deduct a Loss Resulting from the Theft

question 79

True/False

A taxpayer may deduct a loss resulting from the theft of business and investment property but not a theft of personal-use property.

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Definitions:

Charitable Sector

The segment of the economy composed of nonprofit organizations that aim to provide goods and services primarily for social welfare.

Voluntary Sector

Refers to the segment of society that includes nonprofit organizations and entities that operate primarily through voluntary action and philanthropy, distinct from the public and private sectors.

Johnson Amendment

A U.S. law that prohibits tax-exempt organizations from endorsing or opposing political candidates, to maintain separation of church and state.

President Trump

The 45th President of the United States, Donald J. Trump, who served from January 20, 2017, to January 20, 2021.