### Question
How does TAX BENEFITS FOR GO ZONES define qualified Gulf Opportunity Zone casualty loss?


### Answer
Under *26 U.S.C. § 1400N*, **qualified Gulf Opportunity Zone casualty loss** is defined as:

> any uncompensated section 1231 loss (as defined in section 1231(a)(3)(B)) of property located in the Gulf Opportunity Zone if—


(i) such loss is allowed as a deduction under section 165 for the taxable year, and


(ii) such loss is by reason of Hurricane Katrina

#### Citation:
  - *26 U.S.C. § 1400N*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter Y-Short-Term Regional Benefits > PART II-TAX BENEFITS FOR GO ZONES**

