Casualty


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Casualty

The complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected, or unusual nature.
References in periodicals archive ?
As noted above, the NOL is a product of excess business deductions (including casualty losses) in excess of nonbusiness net income.
One tent would house a casualty receiving and resuscitation area.
Under Dan Carmichael's leadership, Ohio Casualty has been transformed into a premier regional property and casualty company and is a great fit with our Agency Markets business," said Edmund F.
Note: Determining casualty losses can be complicated; see IRS Pub.
Personal casualty losses are allowable deductions in computing alternative minimum taxable (AMT) income.
The ratings of United Life reflect the historical capital support it has received from United Fire & Casualty and its favorable earnings trends, which have resulted in more than adequate levels of risk-adjusted capital and surplus for its business and investment risks.
Like all casualty and theft losses, Hurricane Katrina losses can only be claimed as an itemized deduction.
changed its name to Heritage Casualty Insurance Co.
Garrison Property and Casualty Association, San Antonio.
The House Ways and Means Committee had included the phrase "and compensated for" in the original (1894) statute, which implied that the taxpayer should be compensated to have his casualty loss deduction reduced and not just be "covered by.
Ohio Casualty Corporation is the holding company of The Ohio Casualty Insurance Company, which is one of six property-casualty subsidiary companies that make up Ohio Casualty Group, collectively referred to as Consolidated Corporation.
The organization, which is comprised of two companies--Hartford Property & Casualty and Hartford Life--says it has met or exceeded earnings estimates for 26 of the 28 quarters ending in 2002.