26 U.S.C. § 2054 — Losses

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 56 words · no verdicts yet

in plain englishAI-generated · not legal advice

For the estate tax, losses during estate settlement may be deducted from the gross estate. The losses must come from listed casualties or theft and must not be covered by insurance or another source.

For the tax under section 2001, determine the taxable estate by deducting from the gross estate losses incurred while settling the estate from fires, storms, shipwrecks, other casualties, or theft, when insurance or another source does not compensate for those losses.

the actual law source: uscode.house.gov ↗public domain

For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate losses incurred during the settlement of estates arising from fires, storms, shipwrecks, or other casualties, or from theft, when such losses are not compensated for by insurance or otherwise.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 390.)

history & why it existsrecord from the source credit

1954Enacted · Act of Aug. 16, 1954, ch. 736

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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