casualty loss

casualty loss
casualty loss see loss

Merriam-Webster’s Dictionary of Law. . 1996.

casualty loss
Financial loss or loss of property arising from a sudden, unexpected, or unusual event such as a storm, flood, fire, shipwreck, or earthquake. Casualty loss qualifies for a tax deduction benefit. (See also: casualty)
Category: Accidents & Injuries
Category: Small Claims Court
Category: Small Claims Court & Lawsuits

Nolo’s Plain-English Law Dictionary. . 2009.

casualty loss
   in taxation, loss due to damage which qualifies for a casualty loss tax deduction. It must be caused by a sudden, unexpected or unusual occurrence such as a storm, flood, fire, shipwreck, earthquake or act of God, but would not include gradual damage from water seepage or erosion.

Law dictionary. . 2013.

Look at other dictionaries:

  • 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 …   Wikipedia

  • casualty loss — A financial loss caused by damage, destruction, or loss of property as a result of an unexpected or unusual event. Bloomberg Financial Dictionary * * * casualty loss UK US noun [C] INSURANCE ► a financial loss caused by an accident or unexpected… …   Financial and business terms

  • casualty loss — A casualty loss is defined for tax purposes as the complete or partial destruction of property resulting from an identifiable event of a sudden, unexpected or unusual nature ; e.g., floods, storms, fires, auto accidents. Individuals may deduct… …   Black's law dictionary

  • casualty loss — A deduction in an income tax return for a loss arising from fire, storm, shipwreck or other casualty to property owned by the taxpayer. IRC § 165(c)(3) …   Ballentine's law dictionary

  • casualty loss deduction —    In taxation, a deduction that is allowed by a loss caused by an unexpected or unusual event such as a storm, flood, fire, shipwreck, earthquake or act of God …   Business law dictionary

  • casualty — ca·su·al·ty / ka zhəl tē, ka zhə wəl / n pl ties 1: an unfortunate occurrence; esp: a serious and often disastrous accident conversion of property...arising from fire, storm, shipwreck, or other casualty Internal Revenue Code 2: something lost,… …   Law dictionary

  • loss — is a generic and relative term. It signifies the act of losing or the thing lost; it is not a word of limited, hard and fast meaning and has been held synonymous with, or equivalent to, damage , damages , deprivation , detriment , injury , and… …   Black's law dictionary

  • loss — n 1: physical, emotional, or esp. economic harm or damage sustained: as a: decrease in value, capital, or amount compare gain b: an amount by which the cost of something (as goods or services) exceeds the selling price compare …   Law dictionary

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