Which of the following events is a "casualty" loss?
I.Diamonds stolen by thief, reported to police
II.Florida orange trees killed by a freeze.

Question

Which of the following events is a "casualty" loss?
I.Diamonds stolen by thief, reported to police
II.Florida orange trees killed by a freeze.
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Quizplus · Accepted Answer

Both events are considered casualty losses. The theft of diamonds, when reported to the police, qualifies as a casualty loss. Similarly, the destruction of property, such as Florida orange trees killed by a freeze, also qualifies as a casualty loss under tax definitions.

Which of the Following Events Is a "Casualty" Loss