Disaster Loss – a casualty loss sustained in a geographic area that the President designates as a disaster area which may be treated as having occurred during the previous tax year so that a victim may receive immediate tax benefits

disaster loss:
(1968)

1. A casualty loss sustained in a geographic area that the President designates as a disaster area.  *  It may be treated as having occurred during the previous tax year so that a victim may receive immediate tax benefits. [1]

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

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