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.
Note: Determining casualty losses can be complicated; see IRS Pub.
Personal casualty losses are allowable deductions in computing alternative minimum taxable (AMT) income.
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.
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.