Tax Consequences
Net personal casualty gains are taxed as gains from sales or exchanges of capital assets. See .26 U.S.C. ยง 165(h)(2)(B)
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Famous quotes containing the words tax and/or consequences:
“In 1845 he built himself a small framed house on the shores of Walden Pond, and lived there two years alone, a life of labor and study. This action was quite native and fit for him. No one who knew him would tax him with affectation. He was more unlike his neighbors in his thought than in his action. As soon as he had exhausted himself that advantages of his solitude, he abandoned it.”
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