Question 1. Discuss the tax treatment of non-reimbursed loss

1. Discuss the tax treatment of non-reimbursed losses of an employee in connection with a trade or business.

2. A taxpayer who sustains a casualty loss in an area designated by the President of the United States as a disaster area may take the loss in the year in which the loss occurred or elect to take the loss in the previous year. Identify factors that should be considered in deciding in which year to take the loss.

3. Discuss the treatment, including the carryback and carryforward periods, of casualty losses incurred with personal use property.

4. What are the three methods of handling research and experimental expenditures incurred in a trade or business? Under what circumstances would you choose each?

5. Why was the domestic production activities deduction (DPAD) enacted by Congress?

6. How is qualified production activities income (QPAI) calculated?

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7. Sally is an employee of Blue Corporation. Last year, she purchased a very expensive computer with her own funds. She used the computer 100% for business purposes. During the current year, the computer was completely destroyed in a fire. Blue Corporation did not reimburse her for her loss. Discuss whether Sally’s loss will create or increase Sally’s net operating loss.

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