Individual and business taxpayers may experience financial losses resulting from sudden damage or destruction to their property. Physical loss due to fire, windstorms, hurricanes, and…
Narrowing the Casualty Loss Deduction
TCJA Provisions Limit Scope of Tax Relief
Internal Revenue Code (IRC) section 165(c)(3) defines a casualty event to be a “fire, storm shipwreck, or other casualty.” As usually happens with ambiguous language…