96 STAT. 422
PUBLIC LAW 97-248—SEPT. 3, 1982 (1) SUBSECTION (a).—The amendment made by subsection (a) shall apply to taxable years beginning after December 31, 1982. (2) SUBSECTION (b).—The amendments made by subsection (b) shall apply to taxable years beginning after December 31, 1983.
26 USC 165.
SEC. 203. LIMITATION ON DEDUCTION FOR NONBUSINESS CASUALTY LOSSES. (a) GENERAL RULE.—Section 165 (relating to losses) is amended by striking out subsection (h), by redesignating subsection (i) as subsection (j). and by inserting after subsection (g) the following new subsections: "(h) CASUALTY AND THEFT LOSSES.— "(1) GENERAL RULE.—Any loss of an individual described in
subsection (c)(3) shall be allowed for any taxable year only to the extent that— "(A) the amount of loss to such individual arising from each casualty, or from each theft, exceeds $100, and "(B) the aggregate amount of all such losses sustained by such individual during the taxable year (determined after application of subparagraph (A)) exceeds 10 percent of the adjusted gross income of the individual. "(2) SPECIAL RULES.—
"(A) JOINT RETURNS.—For purposes of the $100 and 10
percent limitations described in paragraph (1), a husband and wife making a joint return for the taxable year shall be treated as one individual. "(B) COORDINATION WITH ESTATE TAX.—No loss described in subsection (c)(3) shall be allowed if, at the time of filing the return, such loss has been claimed for estate tax purposes in the estate tax return. "(i) DISASTER LOSSES.— "(1) ELECTION TO TAKE DEDUCTION FOR PRECEDING YEAR.—
Notwithstanding the provisions of subsection (a), any loss attributable to a disaster occurring in an area subsequently determined by the President of the United States to warrant assistance by the Federal Government under the Disaster Relief Act of 1974 may, at the election of the taxpayer, be taken into account for the taxable year immediately preceding the taxable year in which the disaster occurred. "(2) YEAR OF LOSS.—If an election is made under this subsection, the casualty resulting in the loss shall be treated for purposes of this title as having occurred in the taxable year for which the deduction is claimed. "(3) AMOUNT OF LOSS.—The amount of the loss taken into account in the preceding taxable year by reason of paragraph (1) shall not exceed the uncompensated amount determined on the basis of the facts existing at the date the taxpayer claims the (b) CONFORMING AMENDMENT.—Subsection (c) of section 165 (relating to limitation on losses of individuals) is amended— (1) by inserting "except as provided in subsection (h)," before "losses" the first place it appears in paragraph (3) thereof, and (2) by striking out the last three sentences. 26 USC 165 note. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years beginning after December 31, 1982. Such amendments shall also apply to the taxpayer's last taxable year beginning before January 1, 1983, solely for purposes of determining
�
