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Prepare a memo for the tax file

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Question: George Johnson, a Minnesota resident, parked his car on a lake while he was watching an iceboat race. During the race, the ice beneath his car unexpectedly gave way, and the car sank to the bottom of the lake. Write a letter to George advising him as to whether he can claim a casualty loss for the damage to the car. Also prepare a memo for the tax file. George's address is 100 Apple Lane, Brainerd, MN 56401. Research aids: IRC §165.

Reference no: EM131538416

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