Bloomberg BNA's eLearning Course Offers Self-Paced, In-Depth Analysis of Casualty and Theft Loss Deductions

ARLINGTON, Va., March 2, 2012 /PRNewswire-USNewswire/ -- Taxpayers are allowed a deduction for casualty and theft loss of personal property, however, the tax rules governing this deduction are confusing and the case law is, at times, seemingly conflicting.  Bloomberg BNA's new Casualty and Theft Losses eLearning course sorts through the complicated requirements of the Internal Revenue Code section 165(c)(3) deduction for loss of personal-use property from casualty or theft, and provides tax practitioners with easy-to-understand explanations of the rules.  In addition, Bloomberg BNA's eLearning courses provide a convenient way for professionals to receive continuing education credits, while tapping into the expertise of Bloomberg BNA's renowned Tax Management Portfolios.

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Casualty and Theft Losses, based on the Portfolio, Loss Deductions, by John C. McCoy, Esq.,  explores the types of occurrences that constitute a casualty for purposes of the I.R.C. section 165(c)(3)  deduction and provides both the general characteristics of a casualty and the applications of those characteristics to specific types of occurrence.

"A business property loss is deductible as a business expense and is generally not subject to restrictions as to how the loss occurred," notes Laura Hagmann, eLearning Product Manager at Bloomberg BNA. "In contrast, loss of personal-use property generally is deductible only if the loss is from a casualty or theft. This course covers the rules that apply to determine if the loss is a deductible loss and to measure the loss, as well as the limits on the deduction."

The course addresses the impact of insurance and other recoveries and compensation on the amount of the deductible casualty loss and uses examples and short quizzes to reinforce comprehension.

Bloomberg BNA's Casualty and Theft Losses eLearning course offers self-paced, effective solutions for individual or staff training. After completing this course students will:

• Understand how to identify a casualty that gives rise to deductible losses;
• Know how to calculate the amount of casualty loss;
• Understand the limitations on the amount of a casualty or theft loss that may be taken;
• Know how to satisfy the taxpayer's burden of proof; and
• Understand how to take the deduction on an individual income tax return.

Professionals who successfully complete this course are eligible for 2.5 credits of NASBA-accredited CPE.  Additionally, this course is pre-approved for 2.5 credits of CLE in California.  CLE is available in other states by application.    

For complete course information, visit elearning.bna.com or call 1.800.372.1033. For an online demo of the course, visit click here.

About Bloomberg BNA Tax & Accounting eLearning Courses
Bloomberg BNA's eLearning courses — based on our unparalleled collection of expert-written, in-depth Portfolios — provide access to the insights and analysis of leading tax practitioners in a fast-paced, easy-to-use format covering major tax topics, including Federal Tax, Compensation Planning, Tax Accounting, and Estate Tax. eLearning courses offer a convenient way for attorneys and accountants to stay on top of important tax developments and deepen their current knowledge while earning continuing education credits.

About Bloomberg BNA        
Bloomberg BNA, a wholly-owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance - the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans the full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety. www.bna.com.

SOURCE Bloomberg BNA