Cartoon Guy Holding Stack Of Books

Champerty

ABC Blocks

In taxation, loss due to damage which qualifies for a casualty loss tax deduction. it must be caused by a sudden, unexpected or unusual occurrence such as a storm, flood, fire, shipwreck, earthquake or act of god, but would not include gradual damage from water seepage or erosion.

Was This Term Helpful?

0 out of 0 found this helpful


Still got a question or concern?

Click here to contact us or go back to the main Glossary page.