Sec. 135402. Repeal of temporary limitation on personal casualty losses
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Section 165(h) is amended by striking paragraph (5). In the case of a claim for credit or refund which is properly allocable to a loss which is— deductible under section 165(a) of the Internal Revenue Code of 1986, described in Revenue Procedure 2017-60 (as modified by Revenue Procedure 2018-14), and claimed for a taxable year beginning after December 31, 2016, the period of limitation prescribed in section 6511 of the Internal Revenue Code of 1986 for the filing of such claim shall be treated as not expiring earlier than the date that is 1 year after the date of the enactment of this Act. The amendment made by subsection
(a)shall apply to losses incurred in taxable years beginning after December 31, 2017. The Secretary of the Treasury (or the Secretary’s delegate) shall issue such regulations or other guidance as are necessary to implement the amendment made by this section, including regulations or guidance consistent with Revenue Procedure 2017–60 (as so modified).