When Personal-Use Property Is Covered by Insurance,no Deduction Is Available

question 26

True/False

When personal-use property is covered by insurance,no deduction is available for a casualty loss of the property unless the taxpayer timely files an insurance claim for the loss.

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Definitions:

Pseudocoelom

A fluid-filled body cavity lying between the intestines and outer body wall that is only partially lined with mesoderm in some invertebrates.

Mesoderm

The middle germ layer of the early embryo; gives rise to connective tissue, muscle, bone, blood vessels, kidneys, and many other structures. Compare with ectoderm and endoderm.

Coelom

refers to the body cavity in animals that is lined by mesoderm tissue, separating the digestive tract from the outer body wall.

Deuterostomes

A superphylum of animals characterized by the blastopore developing into the anus during early embryo development.