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:
“No Vice or Wickedness, which People fall into from Indulgence to Desires which are natural to all, ought to place them below the Compassion of the virtuous Part of the World; which indeed often makes me a little apt to suspect the Sincerity of their Virtue, who are too warmly provoked at other Peoples personal Sins.”
—Richard Steele (1672–1729)
“Whoever gives advice to the sick gains a sense of superiority over them, no matter whether his advice is accepted or rejected. That is why sick people who are sensitive and proud hate their advisors even more than their illnesses.”
—Friedrich Nietzsche (1844–1900)