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Disaster Area Loss |
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Disaster Area Loss If a casualty is sustained in an area designated as a disaster area by the President of the United States, the casualty is designated a disaster area loss. A disaster area loss may be treated as having occurred in the tax year immediately preceding the year in which the disaster actually occurred. Thus, immediate tax benefits are provided to victims of the disaster. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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