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What year can abc inc elect to deduct the casualty loss

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Problem 1: ABC, Inc. of Jasper, Georgia suffered a casualty loss of $150,000 in March 2019. This loss was caused by heavy rains that completely flooded their factory. As a result of these rains, the President declared North Georgia (including Jasper) a disaster area on March 23, 2019. In what year can ABC, Inc. elect to deduct the casualty loss?

Option 1) 2015 or 2016

Option 2) 2018 or 2019

Option 3) 2017 or 2018

Option 4) Only 2019

Reference no: EM132572657

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