In Early 2019, Conrad Corporation Discovered Their Bookkeeper Had Embezzled

Multiple Choice

In early 2019, Conrad Corporation discovered their bookkeeper had embezzled $30,000 over the last three years at a rate of approximately $10,000 per year.Conrad also suffered uninsured hurricane damage of $40,000 late in 2019 in a presidentially declared disaster area.If Conrad wants to deduct its losses at the earliest time possible, what are the amounts (before any limitations) and year(s) of its loss deduction?

A) 2019 = $70,000
B) 2018 = $30,000, 2019 = $40,000
C) 2018 = $40,000, 2019 = $30,000
D) 2017 = $10,000, 2018 = $10,000; 2017 = $50,000