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:
“Adolescence is a tough time for parent and child alike. It is a time between: between childhood and maturity, between parental protection and personal responsibility, between life stage- managed by grown-ups and life privately held.”
—Anna Quindlen (20th century)
“It is not he who gains the exact point in dispute who scores most in controversy—but he who has shown the better temper.”
—Samuel Butler (1835–1902)