Some taxpayers wind up with a deductible loss on their investment real estate.

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It sure seemed like a deductible casualty loss to me.

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The Revenue Agent allowed the loss, concluding the loss would either be deductible as a bad debt or worthless stock loss. 1 The statute of limitations for assessment under I.

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Meanwhile--perhaps preparing for a rash of bankruptcies--the IRS last month issued a final rule squelching another ploy that Wall Street tax consultant Robert Willens says had been widely used by those in the know: "abandoning" securities and claiming an ordinary loss, deductible against ordinary income.

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If a taxpayer can't use the whole loss the year in which it becomes deductible, he can carry back the eligible loss to the previous three tax years and claim a refund.

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While the January package referred vaguely to "strengthening the legal and supervisory framework for banking, " the new deal sets minimum capital of 250 billion rupiah and makes loan-loss provisions tax-deductible.

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