I have a client that has an unnormal amount of income for 2011 due to tornado damage in our county. We have been declared a Disater area, I know there is no longer income averaging except for farmers or fishermen. I know famers can defer income in disaster areas until the next year, But what about business's. Is there anyway he a can defer some of his business income until 2012. His profit from the business is $250,000, normally it is $40,000. Any thoughts or help would be greatly appreciated.
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