Daniel's Cabin Was Destroyed in a Massive Tornado in 2018

question 2021

Multiple Choice

Daniel's cabin was destroyed in a massive tornado in 2018. After consideration of insurance, he has a loss of $15,000. Due to the tornado, the area has been declared a federal disaster area. Daniel can deduct this loss in

• A) 2017.
• B) 2018.
• C) 2019.
• D) either 2017 or 2018.

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Definitions:

Business Processes

A set of structured activities and tasks carried out by an organization to produce a specific service or product or to achieve particular business objectives.

Organization

An entity comprising multiple people, such as a company or association, structured to achieve specific goals or tasks.