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05/24/2012 at 04:51PM PDT

Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.

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dp0LtsgW0r36jyacfA8pyY

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Contributor

02/16/10 7:16am PST
Viewed by asker 04/13/10 5:22pm PDT

Dam broke=Loss of view

Client lives on lake (lake & dam owned by city). 1/09 appraisal = $695K. Federally declared disaster of 9/09 wipes out dam. City can't pay $4.5-6.0 million to rebuild. Now a field. 1/10 appraisal = $400K. Any thoughts as to a Casualty loss?

2 Replies

New Member

04/13/10 5:04pm PDT

What loss? you're thinking about an unrealized loss........

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Accountant Community AllStar

Accountant Community AllStar

04/13/10 7:29pm PDT

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I don't think so, since the casualty did not actually happen to the clients property. The casualty was his "neighbors", i.e. the city.

Chamales v. Commr., T.C. Memo. 2000-33 (2000) (neighbors of O.J. Simpson not allowed to claim casualty loss for decline in property value due to disorder in neighborhood following Simpson murders).

Hmm??? Could I have been clearer when I asked that question? Did I mark the question solved after it was answered?

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