Calculate the full deduction for the casualty

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Reference no: EM131796960

A taxpayer suffers a casualty loss on personal use property for which he has insurance coverage.

However, to avoid a premium adjustment, the taxpayer fails to make a timely claim.

In this situation is the full deduction for the casualty, after the normal floors, available to the tax payer? why or why not?

Reference no: EM131796960

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