Match Each Statement with the Correct Term Below

Multiple Choice

Match each statement with the correct term below.
-Casualty loss

A) Limited to $3,000 annually for individuals.
B) When an asset is disposed of for less than its basis.
C) An excess of business deductions over business income.
D) A trade or business in which the taxpayer is not a material participant.
E) A loss that results from some sudden, unexpected, or unusual event.
F) Any asset that is not a receivable, inventory, or depreciable or real property used in a trade or business.