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Anatomy Of A Disaster Under The Internal Revenue Code, Francine J. Lipman

Francine J. Lipman

In October 2003, California experienced record-breaking wildfires. The devastation from this catastrophic disaster was pervasive and staggering. The raging fires instantly turned several thousand homes and businesses together with the everyday and precious stuff of life into ashes. Thousands of families lost everything except the clothes on their backs. While the nation and the survivors were amazed that few lives were lost, the rebuilding process was and continues to be overwhelming. In addition to the emotional, physical, and financial demands of rebuilding, the tax consequences can be costly, complicated and unforeseen.

This article provides a systematic primer of the tax …