casualty loss

casualty loss definition - business

casualty loss

A financial loss resulting from a sudden and unexpected event such as a fire, storm, or accident. A casualty loss in excess of insurance reimbursement is allowed as a deduction in calculating taxable income.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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