casualty loss deduction

   In taxation, a deduction that is allowed by a loss caused by an unexpected or unusual event such as a storm, flood, fire, shipwreck, earthquake or act of God.

Business law dictionary. 2015.

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  • Casualty loss — A casualty loss is a type of tax loss that is a sudden, unexpected, or unusual event. [IRS Revenue Ruling 79 174] Damage or loss resulting from progressive deterioration of property through a steadily operating cause would not be a casualty loss …   Wikipedia

  • casualty loss — see loss Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. casualty loss …   Law dictionary

  • casualty loss — A deduction in an income tax return for a loss arising from fire, storm, shipwreck or other casualty to property owned by the taxpayer. IRC § 165(c)(3) …   Ballentine's law dictionary

  • Tax deduction — This article is about the deduction of expenses for the purpose of calculating taxable income. For tax deducted at source, see Withholding tax. Taxation An aspect of fiscal policy …   Wikipedia

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  • Miller v. Commissioner — Miller v. Commissioner, 733 F.2d 399 (6th Cir. 1984) was a case in which the United States Court of Appeals for the Sixth Circuit held that taxpayers are allowed to claim deductions for economic detriments which are a loss and not compensated for …   Wikipedia

  • Mazzei v. Commissioner — In Mazzei v. Commissioner, 61 T.C. 497 (1974), the United States Tax Court ruled that a taxpayer could not consider $20,000 lost to a fraudulent counterfeiting scheme as a basis for a deduction under section 165(c)(3) of the Internal Revenue Code …   Wikipedia

  • 2009 Chinese drywall controversy — The 2009 Chinese drywall controversy is a health and safety issue involving defective drywall manufactured in China and imported by the United States starting in 2001. Laboratory tests of samples for volatile chemicals have identified emissions… …   Wikipedia

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  • 1231 property — refers to the tax treatment of certain types of property under [http://www.law.cornell.edu/uscode/uscode26/usc sec 26 00001231 000 .html 26 USCA § 1231] of the Internal Revenue Code for the United States of America. The types of 1231 property… …   Wikipedia

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