TTREATax and Trade Relief Extension Act of 1998
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This distinction is the basis for many of the clarifications made by the TTREA '98.
The TTREA '98 made various changes to the casualty and theft loss provisions.
165(c)(3), the TTREA '98 rectified the DRA '84's unintended results by amending the various Code provisions that refer to Sec.
Her 1997 AGI was $100,000; she had no other miscellaneous itemized deductions subject to the 2% floor: Prior to the TTREA '98, S's casualty loss deduction was $8,000 ($10,000 - $2,000 floor).
In the above example, R and N have an additional $2,864 in itemized deductions after the TTREA '98.
After the TTREA '98, K and L are entitled to an additional $1,964 deduction.
Finally, TTREA '98 Section 4004(b)(3) modified Sec.
Before the TTREA '98, this property was not classified as effectively connected income-producing property or as personal-use property that would trigger a casualty and theft loss.
To clarify the confusion, TTREA '98 Section 4003(e) redefined "Presidentially declared disaster area" to include disasters declared in either 1997 or 1998.
6404(h)) extended returns for length of extension Area Enacted by NOL computation TTREA '98 Section 4004(a) (Sec.