In 2014,the U

question 71

Multiple Choice

In 2014,the U.S.President declared a federal disaster in California due to wild fires.Helen lives in the affected area and lost her home in the fires.What choice does she have regarding when she can claim the loss on her tax return?

• A)It must be claimed in 2013 if the return has not been filed by the date of the loss.
• B)It must be claimed in 2014 if the loss is greater than Helen's modified adjusted gross income.
• C)It may be claimed in 2015 if an election is filed with Helen's 2014 return.
• D)It may be claimed in either 2013 or 2014.

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Definitions:

Race-Notice Statute

A law pertaining to real estate which gives priority to the first party to record an interest in a property, provided that party did not have notice of any other claims at the time of recording.

Grant Superior Title

The process of transferring a higher quality or clearer title to property, often used to resolve issues or disputes regarding property ownership.

Constructive Eviction

In landlord–tenant law, a breach of duty by the landlord that makes the premises uninhabitable or otherwise deprives the tenant of the benefit of the lease and gives rise to the tenant’s right to vacate the property and terminate the lease.

Commercial Property

Real estate property that is used for business activities.