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Timber Hurricane Loss

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    #1

    Timber Hurricane Loss

    Client has timber in Mississippi that was destroyed by hurricane. He lives out west. None of the hurricane tax breaks I have read help him, so I believe his loss is limitted to basis of the damaged timber. His mom gifted the property to him 30 years ago and she bought the land for $300, so basically nothing.

    Does anybody have any better Ideas?
    Thanks for any comments you might have.
    Dan
    Last edited by cpadan; 02-13-2006, 07:43 PM.
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