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Here are the facts for your client letter project:Ima Kollector, an unmarried Washington state resident, purchased a painting for $500,000 on February 14, 2013. There was no signature on the painting, and the art dealer did not make any representations regarding who had painted it or what it was valued at. On December 15, 2013, Ima had the painting appraised by three appraisal companies, and each company told her that the painting was worth at the most $500. Ima would like for you to research whether she may deduct this loss on her 2013 federal income tax return.Please cite the code and other tax materials when asnwering the question.
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