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Which factor of the contact system, if deficient, may lead to a bleeding condition?
Theft Losses
Financial deductions allowed for stolen property, subject to certain conditions and limitations.
Tax Year
The 12-month period for which an individual or entity reports income and files a tax return, which may align with the calendar year or a fiscal year.
Personal Casualty Losses
are financial losses resulting from the damage, destruction, or loss of personal property from sudden, unexpected, or unusual events.
Deductibility
The ability of a taxpayer to subtract certain expenses or contributions from their gross income, reducing the amount of taxable income.
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