Response to Inquiries about Deductibility of Drought-Related Losses from the Department of Treasury, 1981
- Identifier:
- CAC_CC_109_4_22_2_0016
- Contributing Institution:
- Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, OK
- Title:
- Response to Inquiries about Deductibility of Drought-Related Losses from the Department of Treasury, 1981
- Date Created:
- 1980-10-28
- EDTF:
- 1980-10-28
- Creator:
- Jones, James Robert, 1939-
- Rights:
- http://rightsstatements.org/vocab/NKC/1.0/
- Language:
- eng
- Record Type:
- correspondence
- Collection:
- James R. Jones Collection
- Collection Finding Aid:
- https://arc.libraryhost.com/repositories/3/resources/70
- Description:
- The document from the Department of the Treasury, dated March 2, 1981, is in response to Mr. Jones' inquiries about deductibility of losses incurred during droughts in 1978 and 1980. Generally, losses from property used for personal purposes are not deductible unless they result from a sudden, identifiable event like a casualty. Damage caused by shrinkage during a drought can be considered a casualty loss. The taxpayer must prove that the damage resulted from the drought. The amount of the deductible loss is determined by comparing the fair market value of the property before and after the casualty. Insurance coverage may affect the deductibility of losses. Assistant Secretary Emil M. Sunley offers further assistance if needed.
- Topic:
- Civil rights--United States, African Americans, Education--United States
- Congress:
- 96th (1979-1981)
- Physical Location:
- CAC_CC_109_4_0000, Box 22, Folder 2, University of Oklahoma, Carl Albert Center Archives, Norman, OK, Standard Shelving
- Location Represented:
- United States (nation), Oklahoma (state)
- Type:
- Text
- Extent:
- 2 Pages
