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:
“A man lives not only his personal life, as an individual, but also, consciously or unconsciously, the life of his epoch and his contemporaries.”
—Thomas Mann (1875–1955)
“He gains everyone’s approval who mixes the pleasant with the useful.”
—Horace [Quintus Horatius Flaccus] (65–8 B.C.)