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:
“I believe that the highest virtue is to be happy, living in the greatest truth, not submitting to the falsehood of these personal times.”
—D.H. (David Herbert)
“Thought is a key to all treasures; the miser’s gains are ours without his cares. Thus I have soared above this world, where my enjoyment have been intellectual joys.”
—Honoré De Balzac (1799–1850)