Taxpayer's Home Was Destroyed by a Storm in the Current

question 100

True/False

Taxpayer's home was destroyed by a storm in the current year and the area was declared a disaster area. If the taxpayer elects to treat the loss as having occurred in the prior year, it will be subject to the 10%-of-AGI reduction based on the AGI of the current year.

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Definitions:

Intraocular

Pertaining to within the eye, often used to describe pressures or devices placed inside the eye.

Extraocular

Referring to muscles, nerves, or movements outside the eyeball itself.

Super-

A prefix denoting above, beyond, or higher in quality or quantity.

Mega-

A prefix indicating a factor of one million, or large size.