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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. “Other casualty” are events similar to “fire, storm, or shipwreck.” It is generally held that wherever force is applied to property which the owner-taxpayer is either unaware of because of the hidden nature of such application or is powerless to act to prevent the same because of the suddenness thereof or some other disability and damage results.
In the United States, tax deductions are allowed for casualty losses under which allows deductions for losses sustained during the taxable year and not compensated for by insurance or otherwise. Such deductions are limited under to the amount personal casualty losses exceed personal casualty gains plus 10 percent of the adjusted gross income of the individual within the taxable year. Additionally, under individual taxpayers are only allowed to include losses to the extent they exceed $100 for each casualty. In addition, the deduction is limited to those losses sustained during the taxable year and not compensated by insurance, or otherwise.
==Background==
Under Internal Revenue Code Section 1001(c) all realized losses are deductible except as otherwise not allowed in the Code. For individuals, deductions are mainly limited by Internal Revenue Code Section 165 (c). Deductions for losses are limited to 1) those incurred in a trade or business; 2) those incurred in any transaction entered into for profit; and 3) those personal losses that arise from fire, storm, shipwreck, or other casualty, or from theft. So, in order for an individual to be able to deduct a personal loss, meaning a loss not arising from a business pursuit or a transaction intended to make a profit, the loss must be caused by fire, storm, shipwreck, or other casualty, or theft. While fire, storm, and shipwreck are recognizable and fairly definable, determining what constitutes “other casualty” is less sure.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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