Daniel's cabin was destroyed in a massive tornado in 2015.After consideration of insurance,he has a loss of $15,000.The President of the United States has declared the area a disaster area.Daniel can deduct this loss in
A)2014.
B)2015.
C)2016.
D)either 2014 or 2015.

Question

Quizplus · Accepted Answer

Daniel can deduct the loss in either 2014 or 2015 because the area was declared a disaster area, allowing him to choose the year of deduction.

Daniel's Cabin Was Destroyed in a Massive Tornado in 2015