As a result of an auto accident from which she later died, Irene totaled a Bentley worth $195,000 . If the insurance company covers $60,000 of the loss, Irene's estate can claim a casualty loss of $135,000 in arriving at the taxable estate
a. True
b. False
Indicate whether the statement is true or false
False
RATIONALE: The casualty loss should be claimed on Irene's final income tax return. The insurance recovery should be included in the gross estate under ยง 2033.
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