I have a client that's building flooded during all that rain a month or so ago in Georgia. He builds kitchen cabinets. He had to replace parts on some equipment. He also had to rebuild some cabinets that were damaged because of the flood. Plus due to clean up he the employees were unable to work during this time.
To my understanding the parts for the equipment would be expensed. But I am not sure on the rebuilding cabinets or loss wages part. I am thinking that the rebuilding cabinets would be expensed (the material to rebuild/labor) and the loss wages could not be deducted.
Is the above correct? Would appreciate a double check on this.
Dany
To my understanding the parts for the equipment would be expensed. But I am not sure on the rebuilding cabinets or loss wages part. I am thinking that the rebuilding cabinets would be expensed (the material to rebuild/labor) and the loss wages could not be deducted.
Is the above correct? Would appreciate a double check on this.
Dany
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