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A storm causes a tree to fall on a house, causing $5,000 in damage, but the president does not declare the storm a federal disaster. ... The homeowner sustains a $2,000 personal casualty loss, but ...
Loss from the death of trees by an attack of insects is a casualty loss within the meaning of Internal Revenue Code Section 165(c) (3). In this case, the taxpayer owned a residential lot upon which 40 ornamental pine trees grew. The trees were healthy on July 1, 1976.
To qualify, the loss must not be compensated by insurance and it must be sustained during the taxable year. If the loss is a casualty or theft of personal property of the taxpayer, the loss must result from an event that is identifiable, damaging, and sudden, unexpected, and unusual in nature, not gradual and progressive.
A natural disaster is a sudden event that causes widespread destruction, major collateral damage, or loss of life, brought about by forces other than the acts of human beings. A natural disaster might be caused by earthquakes, flooding, volcanic eruption, landslide, hurricanes, etc.
Raymond James sees insured losses in the range of $11 billion to $17.5 billion and said the disaster could become the costliest wildfire in United States history.
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Carpenter v. Commissioner, T.C. Memo. 1966-228 (1966) was a case decided by the United States Tax Court. [1] Carpenter v. Commissioner addressed the issue of whether a husband and wife could deduct the aggregate fair market value of the wife’s engagement ring from their income tax return, as a casualty loss under §165(a) and (c)(3) of the Internal Revenue Code of 1954, [2] after the husband ...
Another more recent loss is that of the giant hemlocks due to an infestation of an exotic insect, the hemlock woolly adelgid. Concerned that a falling limb or tree might injure a visitor, Forest Service managers decided to bring down dead trees near the memorial trail in a way they believed would mimic natural windthrow. In November 2010, the ...