Loss throwback election now available in six counties (03-09-10)
On March 8, 2010, President Obama declared these counties as major disaster areas as a result of the severe storms, flooding, and mud flows that occurred January 17 through February 6, 2010:
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Calaveras;
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Imperial;
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Los Angeles;
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Riverside;
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San Bernardino; and
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Siskiyou.
For state and federal purposes, taxpayers suffering losses in these counties may elect to take the loss in the 2009 tax year instead of the 2010 tax year. (IRC §165(i); R&TC §§17207, 24347.5) Taxpayers may make a different election for state and federal purposes.
Taxpayers making the throwback election should print "California Winter Storms 2010" in red at the top of the original or amended return. If e-filing, follow the software instructions.
