Casualty losses need not always be "sudden", and can include intangible factors

Article Abstract:

Casualty losses not covered by insurance are deductible if the taxpayer can prove that the loss was sudden and unusual. A casualty is the sudden or unique destruction of a property by an extraordinary or nonrecurring identifiable event. Progressive deterioration situations are usually not covered, unless the taxpayer can prove that the loss was sudden and unique. The taxpayer will have to provide proper documentation of relevant information, including: reports by an expert, such as an engineer; documentary proof of the uniqueness of the precipitating event, such as government reports; and documentation of the tax basis of the property, such as purchase contracts, deeds, and invoices. Adjustments are made for depreciation, and appraisals done before and after the casualty are used in determining value.

Analysis, Disaster relief

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Maximizing the tax benefits of qualified plan distributions to surviving spouses

Article Abstract:

The taxation of payouts from qualified plans necessitates certain tax planning considerations to minimize the tax liability of distributions. The financial needs of the spouse is the most critical factor in deciding how the spouse should receive the benefits from a qualified plan. The most basic decision is choosing between the immediate taxation of lump-sum distributions or tax deferral through rollover or periodic plan distributions. Lump-sum distributions provide taxation at lower rates but tax deferral through rollover or periodic plan distributions can produce enough of an income to offset higher future taxes. The greater the immediate need for funds, the more likely a lump-sum distributions should be chosen because its tax rates are preferable to those of tax deferral schemes.

Planning, Spouse's share

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