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:
“What stunned me was the regular assertion that feminists were “anti-family.” . . . It was motherhood that got me into the movement in the first place. I became an activist after recognizing how excruciatingly personal the political was to me and my sons. It was the women’s movement that put self-esteem back into “just a housewife,” rescuing our intelligence from the junk pile of “instinct” and making it human, deliberate, powerful.”
—Mary Kay Blakely (20th century)
“Theodotus: Caesar: once in ten generations of men, the world gains an immortal book. Caesar: If it did not flatter mankind, the common executioner would burn it.”
—George Bernard Shaw (1856–1950)