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Casualty Loss
A casualty loss is a type of tax loss that is a sudden, unexpected, or unusual event. Damage or loss resulting from progressive deterioration of property through a steadily operating cause would not be a casualty loss. “Other casualty” are events similar to “fire, storm, or shipwreck.” It is generally held that wherever force is applied to property which the owner-taxpayer is either unaware of because of the hidden nature of such application or is powerless to act to prevent the same because of the suddenness thereof or some other disability and damage results. In the United States, tax deductions are allowed for casualty losses under 26 U.S.C. § 165 which allows deductions for losses sustained during the taxable year and not compensated for by insurance or otherwise. Such deductions are limited under 26 U.S.C. § 165(h)(2) to the amount personal casualty losses exceed personal casualty gains plus 10 percent of the adjusted gross income of the individual within the taxabl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Statement
An income statement or profit and loss accountProfessional English in Use - Finance, Cambridge University Press, p. 10 (also referred to as a ''profit and loss statement'' (P&L), ''statement of profit or loss'', ''revenue statement'', ''statement of financial performance'', ''earnings statement'', ''statement of earnings'', ''operating statement'', or ''statement of operations'') is one of the financial statements of a company and shows the company's revenues and expenses during a particular period. It indicates how the revenues (also known as the ''“top line”'') are transformed into the net income or net profit (the result after all revenues and expenses have been accounted for). The purpose of the income statement is to show managers and investors whether the company made money (profit) or lost money (loss) during the period being reported. An income statement represents a period of time (as does the cash flow statement). This contrasts with the balance sheet, which represe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 contiguous states border Canada to the north and Mexico to the south, with the semi-exclave of Alaska in the northwest and the archipelago of Hawaii in the Pacific Ocean. The United States asserts sovereignty over five Territories of the United States, major island territories and United States Minor Outlying Islands, various uninhabited islands in Oceania and the Caribbean. It is a megadiverse country, with the world's List of countries and dependencies by area, third-largest land area and List of countries and dependencies by population, third-largest population, exceeding 340 million. Its three Metropolitan statistical areas by population, largest metropolitan areas are New York metropolitan area, New York, Greater Los Angeles, Los Angel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Deductions
A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable income, while credits reduce tax. Above and below the line Above and below the line refers to items above or below adjusted gross income, which is item 37 on the tax year 2017 1040 tax form. Tax deductions above the line lessen adjusted gross income, while deductions below the line can only lessen taxable income if the aggregate of those deductions exceeds the standard deduction, which in tax year 2018 in the U.S., for example, was $12,000 for a single taxpayer and $24,000 for married couple. Limitations Often, deductions are subject to conditions, such as being allowed only for expenses incurred that produce current benefits. Capitaliza ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Casualty Gains
Personal Casualty Gains for individuals for United States Federal Income Tax purposes are defined in sectio26 U.S.C. § 165(h)(3)(A)of the Internal Revenue Code The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code. The IRC is organized topically into subtitles and sections, co ... as the recognized gain of property arising from fire, storm, shipwreck, or other casualty. The property in question cannot be connected with a trade, business, or transaction entered into for profit. See . Eligibility Along with persons filing as individuals, a married couple making a joint return for the taxable year are treated as one individual. See Tax Consequences Net personal casualty gains are taxed as gains from sales or exchanges of capital assets. See .{{USC, 26, 165(h)(2)(B) Determination Net personal casualty gains are the excess of a taxpayer's personal casual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dendroctonus Frontalis
''Dendroctonus frontalis'', the southern pine beetle, often shortened to simply SPB, is a species of bark beetle native to the forests of the southern United States, Mexico and Central America. It has recently expanded its range to the northeastern United States, where it is considered an invasive species and has destroyed massive amounts of pine forest. Description The southern pine beetle reddish brown to black exoskeleton and measures approximately , about the size of a grain of rice. It is short-legged; the front of the male's head is notched, and the female possesses a wide elevated transverse ridge, and the hind abdomen of both is round. Tree infestations ''Dendroctonus frontalis'' inhabits several ''Pinus'' species. Host trees in the United States include primarily '' P. taeda'' (loblolly pine), '' P. echinata'' (shortleaf pine), '' P. elliottii'' (slash pine), '' P. virginiana'' (Virginia pine), '' P. rigida'' ( pitch pine), '' P. palustris'' (longleaf pine ), '' P. serot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carpenter V
Carpentry is a skilled trade and a craft in which the primary work performed is the cutting, shaping and installation of building materials during the construction of buildings, ships, timber bridges, concrete formwork, etc. Carpenters traditionally worked with natural wood and did rougher work such as framing, but today many other materials are also used and sometimes the finer trades of cabinetmaking and furniture building are considered carpentry. In the United States, 98.5% of carpenters are male, and it was the fourth most male-dominated occupation in the country in 1999. In 2006 in the United States, there were about 1.5 million carpentry positions. Carpenters are usually the first tradesmen on a job and the last to leave. Carpenters normally framed post-and-beam buildings until the end of the 19th century; now this old-fashioned carpentry is called timber framing. Carpenters learn this trade by being employed through an apprenticeship training—normally four years—a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Garbage Disposal
A garbage disposal unit (also known as a waste disposal unit, food waste disposer (FWD), in-sink macerator, garbage disposer, or garburator) is a device, usually electrically powered, installed under a kitchen sink between the sink's drain and the trap. The device shreds food waste into pieces small enough—generally less than in diameter—to pass through plumbing. History The garbage disposal unit was invented in 1927 by John W. Hammes, an architect working in Racine, Wisconsin. He applied for a patent in 1933 that was issued in 1935. His InSinkErator company put his disposer on the market in 1940. Hammes' claim is disputed, as General Electric introduced a garbage disposal unit in 1935, known as the Disposall. In many cities in the United States in the 1930s and the 1940s, the municipal sewage system had regulations prohibiting placing food waste (garbage) into the system. InSinkErator spent considerable effort, and was highly successful in convincing many localiti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Itemized Deduction
Under United States tax law, itemized deductions are eligible expenses that individual taxpayers can claim on federal income Tax return (United States), tax returns and which decrease their taxable income, and are claimable in place of a standard deduction, if available. Most taxpayers are allowed a choice between itemized deductions and the standard deduction. After computing their adjusted gross income (AGI), taxpayers can itemize deductions (from a list of allowable items) and subtract those itemized deductions from their AGI amount to arrive at the taxable income. Alternatively, they can elect to subtract the standard deduction for their filing status to arrive at the taxable income. In other words, the taxpayer may generally deduct the total itemized deduction amount or the applicable standard deduction amount, whichever is greater. The choice between the standard deduction and itemizing involves a number of considerations: * Only a taxpayer eligible for the standard deducti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
