Which of the Following Is Most Likely Not Considered a Casualty

question 104

Multiple Choice

Which of the following is most likely not considered a casualty?

• A)fire loss
• B)water damage caused by the bursting of a water heater
• C)death of a pine tree due to a two-day infestation of pine beetles
• D)water damage to the walls and ceiling of a taxpayer's personal residence as the result of gradual deterioration of the roof

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Definitions:

Expense

A cost or charge that is incurred in the process of generating revenue, typically classified on an income statement.

Liability

A financial obligation or amount owed by an individual or entity, typically representing loans or accounts payable.

Asset

Resources owned or controlled by a business that are expected to produce future economic benefits.

Liability

A financial debt or obligation that an entity is required to pay to another entity in the future.