Investment Theft Losses
How to Maximize Tax Deductions Under IRC Section 165 (c)(2)
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Theft, reasonable prospects of recovery, and cost basis are among the many issues covered in the book. How a taxpayer determines if it is appropriate to make an investment theft loss claim and assessing the costs and benefits are covered in detail. The Internal Revenue Services requires documentation and proof that the taxpayer does qualify for the deduction. The reader is given the instructions to make a claim.
Claims are examined and sometimes denied. Case law is provided to indicate what positions are upheld or denied. The reader is given a pratical explanation of what is involved in making a claim.
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About the Book
Investment Fraud accounts for billions of dollars of losses each year from unsuspecting victims. In 1954, Congress enacted Section 165 of the Internal Revenue Code. Its purpose was to give some relief to the victims of fraud. For many understandable reasons it was rarely utilized until about 8 years ago. This book is intended to be a practical way for tax professionals and taxpayers understand what is involved to claim the deduction.
About the Author
Steven H. Adler career was as an actuary and investment analyst. Through an ironic set of circumstances in 2001 he encounted a section of the tax code that benefited victims of investment fraud. Since then due to his work in the area over 1,500 victims have recovered over $55 million in tax benefits and a small industry has been created. Mr. Adler consults with the Association for Fraud Recovery and Prevention, Inc. (AFRP) that is assisting victims and their tax preparers navigate through claiming the deduction. The material in this book is being used by CPE course providers for CPA, CPE credits.