Bryan Camp has published an article on the TaxProf Blog, titled “Lesson From The Tax Court: The Multiple Paths For Loss Deductions.” The article begins as follows:
Section 165 permits certain groups of taxpayers to deduct certain losses of capital under certain circumstances. I emphasize to my students that §165 is, at bottom, a capital recovery provision. There is no deduction for lost opportunities, lost profits, or lost pets. It’s only for losses of capital “sustained during the taxable year and not compensated for by insurance or otherwise.” §165(a).
Click here to see full article: Lesson From The Tax Court: The Multiple Paths For Loss Deductions
Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal