A rice plantation in Pampanga was destroyed by locust infestation starting 2016. By the endof the year, more three-fourth (3/4) of the plantation was worthless. Towards the middle of2017, the plantation was totally destroyed. When should the loss be deducted?А. 2016C. Any year as the taxpayer choosesD. Cannot deduct in any yearВ.2017

of the year, more three-fourth (3/4) of the plantation was worthless. Towards the midd 2017, the plantation was totally destroyed. When should the loss be deducted? A. 2016 B. 2017 C. Any year as the taxpayer chooses D. Cannot deduct in any vear

of the year, more three-fourth (3/4) of the plantation was worthless. Towards the midd 2017, the plantation was totally destroyed. When should the loss be deducted? A. 2016 B. 2017 C. Any year as the taxpayer chooses D. Cannot deduct in any vear

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

A rice plantation in Pampanga was destroyed by locust infestation starting 2016. By the end
of the year, more three-fourth (3/4) of the plantation was worthless. Towards the middle of
2017, the plantation was totally destroyed. When should the loss be deducted?
А. 2016
C. Any year as the taxpayer chooses
D. Cannot deduct in any year
В.
2017

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