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:
“Glamour cannot exist without personal social envy being a common and widespread emotion.”
—John Berger (b. 1926)
“He gains everyone’s approval who mixes the pleasant with the useful.”
—Horace [Quintus Horatius Flaccus] (65–8 B.C.)