Developing an Action Plan for Casualty Gains and Losses

Unexpected events like hurricanes, wildfires, earthquakes, and government requisitions and condemnations can damage or destroy business assets, triggering tax consequences and associated reporting requirements. However, by planning for the tax implications of a possible casualty event before an event occurs, companies may be able to mitigate some of the tax impact.

Originally published in TAX NOTES FEDERAL, June 24, 2024, p. 2303