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:
“Perspective, as its inventor remarked, is a beautiful thing. What horrors of damp huts, where human beings languish, may not become picturesque through aerial distance! What hymning of cancerous vices may we not languish over as sublimest art in the safe remoteness of a strange language and artificial phrase! Yet we keep a repugnance to rheumatism and other painful effects when presented in our personal experience.”
—George Eliot [Mary Ann (or Marian)
“Thought is a key to all treasures; the miser’s gains are ours without his cares. Thus I have soared above this world, where my enjoyment have been intellectual joys.”
—Honoré De Balzac (1799–1850)