casualty loss
For tax purposes, the total or partial destruction of an asset resulting from an unexpected or unusual event, such as an automobile accident or a tornado. [Cases: Internal Revenue 3416; Taxation 1039.]
Search Results for: casualty loss
casualty insurance
An agreement to indemnify against loss resulting from a broad group of causes such as legal liability, theft, accident, property damage, and workers’ compensation. • The meaning of casualty insurance has become blurred because of the rapid increase in different types of insurance coverage. Cf. accident insurance. [Cases: Insurance 1008; Workers’ Compensation 1061. C.J.S. Insurance
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casualty pot
casualty pot. Tax. A step in evaluating tax liability in which casualty gains and losses are compared to determine whether a net loss or gain has occurred. Cf. MAIN POT.
disaster loss
disaster loss 〈美〉灾害损失；灾难损失 如果意外事件发生在美国总统确认的灾区，那么此种损失称为disaster loss。这时，损失被认为是发生在实际发生的纳税年度的上一个纳税年度，这样便可以向受灾者提供直接的税收优惠。 (→casualty loss)
disaster loss
A casualty loss sustained in a geographic area that the President designates as a disaster area. • It may be treated as having occurred during the previous tax year so that a victim may receive immediate tax benefits.
involuntary conversion
The loss or destruction of property through theft, casualty, or condemnation.
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accident insurance
Insurance that indemnifies against bodily injury caused by an accident. • Covered losses may include expenses, time, suffering, or death. Cf. casualty insurance. [Cases: Insurance 1012. C.J.S. Insurance § 4.]
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main pot
main pot. Tax. A step in evaluating tax liability in which qualified transactions are compared to determine whether a net gain or loss has occurred. IRC (26 USCA) § 1231. — Also termed big pot; hotchpot; hodgepodge. Cf. CASUALTY POT.