1. Response to Inquiries about Deductibility of Drought-Related Losses from the Department of Treasury, 1981 Identifier: CAC_CC_109_4_22_2_0016 Contributing Institution: Carl Albert Congressional Research and Studies Center, University of Oklahoma, Norman, OK Collection: James R. Jones Collection Title: Response to Inquiries about Deductibility of Drought-Related Losses from the Department of Treasury, 1981 Date: 1980-10-28 Creator: Jones, James Robert, 1939- Topic: Civil rights--United States, African Americans, Education--United States Congress: 96th (1979-1981)
![["The document from the Department of the Treasury, dated March 2, 1981, is in response to Mr. Jones' inquiries about deductibility of losses incurred during droughts in 1978 and 1980. Generally, losses from property used for personal purposes are not deductible unless they result from a sudden, identifiable event like a casualty. Damage caused by shrinkage during a drought can be considered a casualty loss. The taxpayer must prove that the damage resulted from the drought. The amount of the deductible loss is determined by comparing the fair market value of the property before and after the casualty. Insurance coverage may affect the deductibility of losses. Assistant Secretary Emil M. Sunley offers further assistance if needed."]](https://jones-2.s3.amazonaws.com/James%20R.%20Jones%20Collection/James%20R.%20Jones%20Correspondence%20Series,%201968-1986%20/CAC_CC_109_4_22_1_0000-District%20Office,%20Jones%20Clippings,%201973/Thumbnails/CAC_CC_109_4_22_2_0016_thumbnail.jpg "Response to Inquiries about Deductibility of Drought-Related Losses from the Department of Treasury, 1981")