Casualty Loss – a deduction in an income tax return for a loss arising from fire, storm, shipwreck, automobile accident, tornado, or other casualty to property owned by the taxpayer

casualty loss:
(1934)

1. For tax-purposes, the total or partial destruction of an asset resulting from an unexpected or unusual event, such as an automobile accident or a tornado. [1]

1. 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). [2]

1. An income tax deduction or other casualty to property owned by the taxpayer. [3]

References:

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[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

[2]: Ballantine’s Law Dictionary with Pronunciations
Third Edition by James A. Ballantine (James Arthur 1871-1949).  Edited by William S. Anderson.  © 1969 by THE LAWYER’S CO-OPERATIVE PUBLISHING COMPANY.  Library of Congress Catalog Card No. 68-30931

[3]:  Ballantine’s Law Dictionary Legal Assistant Edition by Jack Ballantine (James Arthur 1871-1949).  Doctored by Jack G. Handler, J.D. © 1994 Delmar by Thomson Learning.  ISBN 0-8273-4874-6.

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