Casualty Loss - Background

Background

Under Internal Revenue Code Section 1001(c) all realized losses are deductible except as otherwise not allowed in the Code. For individuals, deductions are mainly limited by Internal Revenue Code Section 165 (c). Deductions for losses are limited to 1) those incurred in a trade or business; 2) those incurred in any transaction entered into for profit; and 3) those personal losses that arise from fire, storm, shipwreck, or other casualty, or from theft. So, in order for an individual to be able to deduct a personal loss, meaning a loss not arising from a business pursuit or a transaction intended to make a profit, the loss must be caused by fire, storm, shipwreck, or other casualty, or theft. While fire, storm, and shipwreck are recognizable and fairly definable, determining what constitutes “other casualty” is less sure.

Read more about this topic:  Casualty Loss

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Famous quotes containing the word background:

    Pilate with his question “What is truth?” is gladly trotted out these days as an advocate of Christ, so as to arouse the suspicion that everything known and knowable is an illusion and to erect the cross upon that gruesome background of the impossibility of knowledge.
    Friedrich Nietzsche (1844–1900)

    They were more than hostile. In the first place, I was a south Georgian and I was looked upon as a fiscal conservative, and the Atlanta newspapers quite erroneously, because they didn’t know anything about me or my background here in Plains, decided that I was also a racial conservative.
    Jimmy Carter (James Earl Carter, Jr.)

    ... every experience in life enriches one’s background and should teach valuable lessons.
    Mary Barnett Gilson (1877–?)