In 2014,the U

question 52

Multiple Choice

In 2014,the U.S.President declared a federal disaster due to the flooding in North Carolina.Dan lives in that area and lost his home in the flood.What choice does he have regarding when he can claim the loss on his 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 the modified adjusted gross income.
• C)It may be claimed in 2015 if an election is filed with the 2014 return.
• D)It may be claimed in 2013 or 2014.

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Definitions:

Office Supplies

Various everyday items used in offices for tasks such as writing, organization, and communication, including pens, paper, and staplers.

Petty Cash

A small amount of cash on hand used for covering minor expenses.

Cash Over and Short

An account that records the discrepancies between the expected cash count and the actual amount of cash received or paid out, indicating errors or theft.

Outstanding Checks

Checks that have been written and recorded in the checking account but have not yet been cashed or cleared by the bank.