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In late 2020, the Polks come to you for tax advice. They are considering selling...

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Accounting

In late 2020, the Polks come to you for tax advice. They are considering selling some stock investments for a loss and making a contribution to a traditional IRA. In reviewing their situation, you note that they have large medical expenses and a casualty loss (in a Federally declared disaster area), neither of which is covered by insurance. What advice would you give the Polks? please answer in your own words.

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