This semester, we learned that Congress designed the Code to include deductions that can be taken...

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Accounting

This semester, we learned that Congress designed the Code toinclude deductions that can be taken for losses that a taxpayer mayexperience. Two such deductions are (1) the bad debt deduction and(2) the deduction for casualty losses and theft. How does the IRSgenerally interpret deductions (i.e., broadly or narrowly)? How dowe determine whether a taxpayer is entitled to each of these twodeductions? What is the purpose of each of these two deductions?Are there any limits on the deduction at issue? Finally, whatgenerally governs when a taxpayer may take each of these twodeductions?

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