United States Code (Last Updated: May 24, 2014) |
Title 26. INTERNAL REVENUE CODE |
SubTitle B. Estate and Gift Taxes |
Chapter 11. ESTATE TAX |
SubChapter A. Estates of Citizens or Residents |
Part IV. TAXABLE ESTATE |
§ 2054. Losses
Latest version.
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For purposes of the tax imposed by section 2001, the value of the taxable estate shall be determined by deducting from the value of the gross estate losses incurred during the settlement of estates arising from fires, storms, shipwrecks, or other casualties, or from theft, when such losses are not compensated for by insurance or otherwise.