### Question
How is the "Presidentially declared disaster" defined?


### Answer
The term **Presidentially declared disaster** is defined in *26 U.S.C. § 1033* as follows -

> any disaster which, with respect to the area in which the residence is located, resulted in a subsequent determination by the President that such area warrants assistance by the Federal Government under the Disaster Relief and Emergency Assistance Act

#### Citation:
  - *26 U.S.C. § 1033*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter O-Gain or Loss on Disposition of Property > PART III-COMMON NONTAXABLE EXCHANGES**

