To amend the Internal Revenue Code of 1986 to remove the limitation on deductions for theft losses involving fraud, deceit, or misrepresentation and to allow such deductions without regard to whether the taxpayer itemizes other deductions.
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Summary
Based on the bill's title, it would amend the Internal Revenue Code of 1986 to remove the limitation on deductions for theft losses involving fraud, deceit, or misrepresentation, and to allow such deductions without regard to whether the taxpayer itemizes other deductions. The bill was referred to the House Committee on Ways and Means, and the full text was not available for review, so the specific operative provisions cannot be confirmed.
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