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In support of its claim, the taxpayer pointed to the Technical and Miscellaneous Revenue Act of 1988 amendment to Sec. The IRS has issued proposed amendments to the final Section 179, bringing them into line with the provisions of the Tax Reform Act of 1986 and the Technical and Miscellaneous Revenue Act of 1988. This provision was further amended by the Technical and Miscellaneous Revenue Act of 1988 to allow taxpayers the choice of electing ordinary loss or casualty loss treatment for such lost deposits. |
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