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:
“We of this Congress and this administration, will be remembered in spite of ourselves. No personal significance, or insignificance, can spare one or another of us.”
—Abraham Lincoln (1809–1865)
“Theodotus: Caesar: once in ten generations of men, the world gains an immortal book. Caesar: If it did not flatter mankind, the common executioner would burn it.”
—George Bernard Shaw (1856–1950)