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:
“Women’s rights is not only an abstraction, a cause; it is also a personal affair. It is not only about “us”; it is also about me and you. Just the two of us.”
—Toni Morrison (b. 1931)
“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)