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
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“Let no guilty man escape, if it can be avoided.... No personal considerations should stand in the way of performing a duty.”
—Ulysses S. Grant (1822–1885)
“Yet whatever gains I had, these I have come to regard as loss because of Christ. More than that, I regard everything as loss because of the surpassing value of knowing Christ Jesus my Lord. For his sake I have suffered the loss of all things, and I regard them as rubbish, in order that I may gain Christ and be found in him, not having a righteousness of my own that comes from the law, but one that comes through faith in Christ, the righteousness from God based on faith.”
—Bible: New Testament, Philippians 3:7-9.