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.

Summary

The measure would change the Internal Revenue Code to eliminate the current cap on deductions for theft losses that result from fraud, deceit, or misrepresentation. It would also allow those deductions regardless of whether a taxpayer claims the standard deduction or itemizes other expenses. This would benefit individuals and businesses who suffer losses due to fraudulent schemes.

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