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.
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As noted above, the NOL is a product of excess business deductions (including casualty losses) in excess of nonbusiness net income.
A primer on individual NOLs
One tent would house a casualty receiving and resuscitation area.
A combat support hospital in the Gulf War
Note: Determining casualty losses can be complicated; see IRS Pub.
Hurricane Katrina: claiming casualty losses
Personal casualty losses are allowable deductions in computing alternative minimum taxable (AMT) income.
Dealing with the tax consequences of a natural disaster
Like all casualty and theft losses, Hurricane Katrina losses can only be claimed as an itemized deduction.
Hurricane Katrina casualty losses
changed its name to Heritage Casualty Insurance Co.
Mergers
Garrison Property and Casualty Association, San Antonio.
Corporate changes
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.
Insured business losses; if they are unclaimed they may still be deductible
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.
Triple punch: a broad spectrum of products, strong brand and disciplined management team contribute to Hartford Financial's success. (Cover Story)

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