Sudden, unexpected, and unusual: What qualifies as a casualty loss?

05/23/2013 | Journal of Accountancy

A recent decision by the Second Circuit Court of Appeals raises what is often the most difficult and controversial aspect of the casualty loss deduction: What qualifies as "sudden, unexpected, or unusual"? Janet Meade, CPA, discusses the casualty loss deduction and factors tax practitioners should be aware of when a client who wants to deduct a casualty loss must establish that the event was sudden, unexpected, and unusual.

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