Personal Casualty Gains for individuals for United States Federal Income Tax purposes are defined in section 26 U.S.C. § 165(h)(4)(A) of the Internal Revenue Code as the recognized gain of property arising from fire, storm, shipwreck, or other casualty. The property in question cannot be connected with a trade, business, or transaction entered into for profit. See 26 U.S.C. § 165(c)(3).
Other articles related to "personal casualty gains, personal casualty gain, personal casualty":
... After receiving insurance proceeds, the taxpayer will have a personal casualty gain of $130,000 and a personal casualty loss of $100,000 for a net personal casualty gain of $30,000 ... The taxpayer has a personal casualty gain of $5,000 ...
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