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).
Read more about Personal Casualty Gains: Eligibility, Tax Consequences, Determination, Examples
Famous quotes containing the words personal and/or gains:
“The terrible thing is that one cannot be a Communist and not let oneself in for the shameful act of recantation. One cannot be a Communist and preserve an iota of one’s personal integrity.”
—Milovan Djilas (b. 1911)
“He gains everyone’s approval who mixes the pleasant with the useful.”
—Horace [Quintus Horatius Flaccus] (65–8 B.C.)