What concerns Cohn in the current climate is that the enormous casualty loss will overshadow the human drama.
For a casualty loss, your records should show:
The rest, it said, covered the cost of moving employees from California to Washington and an increase in self-insurance reserves to meet casualty losses.
If there are more casualty losses than gains, the excess is treated as an ordinary loss.
An event does not need to be an act of nature in order for it to be deemed a casualty loss.
For those who have yet to hear how much their insurance will cover, it is difficult to calculate casualty losses, he noted.
All unreimbursed casualty losses are subject to two limitations.
It would change the definition of casualty loss to include Formosan termites.
Use the basis of property to figure depreciation, amortization, depletion, and casualty losses.
The petitioners deducted $1,010 from their income tax return as a casualty loss.