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:
“The grief of the keen is no personal complaint for the death of one woman over eighty years, but seems to contain the whole passionate rage that lurks somewhere in every native of the island. In this cry of pain the inner consciousness of the people seems to lay itself bare for an instant, and to reveal the mood of beings who feel their isolation in the face of a universe that wars on them with winds and seas.”
—J.M. (John Millington)
“... we have every reason to rejoice when there are so many gains and when favorable conditions abound on every hand. The end is not yet in sight, but it can not be far away. The road before us is shorter than the road behind.”
—Lucy Stone (1818–1893)