### Question
How does ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS define personal casualty gain?


### Answer
Under *26 U.S.C. § 165*, **personal casualty gain** is defined as:

> the recognized gain from any involuntary conversion of property which is described in subsection (c)(3) arising from fire, storm, shipwreck, or other casualty, or from theft

#### Citation:
  - *26 U.S.C. § 165*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART VI-ITEMIZED DEDUCTIONS FOR INDIVIDUALS AND CORPORATIONS**

