John Skarbnik Article on Casualty Losses Is Featured in The Tax Adviser
The Tax Adviser has published an article, “Casualty losses and expenditures under Sec. 162 or 165,” by John H. Skarbik.
The May 2018 article walks readers through the two code sections, the differences and the resulting tax implications.
John details the rules for deducting casualty damages to property as casualty losses under Sec. 165 and the repair of such damages as ordinary and necessary business expenses under Sec. 162.
He also makes taxpayers aware of recent legislation that restricts personal casualty losses to “qualified disaster losses.” And he explains that a safe harbor to elect not to apply capitalization rules to certain property may benefit certain small taxpayers who suffer casualty losses.
John, of counsel at MARC, practices trusts and estates law, is a CPA, is a professor of taxation at Fairleigh Dickinson University’s master’s of science in taxation program and has written extensively on tax issues.
Click here to read the article.