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GGD-80-10 1 (1979-12-05)

handle is hein.gao/gaobababp0001 and id is 1 raw text is: Not~'~ ~c~,-c4Outside the Gen Comptroller General OF THE UNITED STATES The Personal Casualty And Theft Loss Tax Deduction: Analysis And Proposals For Change The personal casualty and theft loss deduc- tion provided by section 165(c) (3) of the Internal Revenue Code and sections 1.165-7 and 1.165-8 of the Treasury Regulations cannot be administered in an even-handed manner. Both taxpayers and tax administra- tors have difficulty applying the regulations governing personal casualty and theft loss deductions. The regulations pose many com- plex problems of definition, valuation, and computation, requiring some of the most difficult factual determinations in taxation. Tax relief afforded by the loss deduction is erratic and unrelated to financial capacity to pay an income tax. Moreover, the provision lends itself to fraud and abuse. Consequently, the administrative difficulties in enforcing the provision far exceed whatever small tax relief may be afforded in particular hardship cases. Congress should reassess the need to retain the personal casualty and theft loss deduction provision. GAO suggests several alternatives for Congress to consider. \,t D stA2,e F0 79 6 GGD-80-10 I~rn~T4 ~DECEMBER 5,1979

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