Christopher's residence was damaged by a storm during the administration of his estate. Christopher's executor paid...
Christopher's residence was damaged by a storm during the administration of his estate. Christopher's executor paid $120,000 to repair the residence after the storm. Which of the following is a true statement?
A) A casualty loss of $120,000 can be deducted on Christopher's final individual income tax return
B) The casualty loss deduction is limited to the loss in excess of 10 percent of Christopher's AGI
C) Christopher's executor can deduct a loss of $120,000 on the estate tax return
D) No casualty loss deduction is available for calculating the estate tax
E) None of the choices are true
Please explain
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