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By DAVID L. KOMCK
Rappahannock News Special Writer
As county residents ponder the machinations of this fall’s unusual weather extremes while rebuilding washed out roads and bridges and clearing tree limbs, it is appropriate to consider the federal income tax consequences of our recent floods and freak snow storm.
Taxpayers are entitled to deduct casualty losses provided'the requirements of Section 165 of 'the Internal Revenue Code of 1954 are met. Losses from fire,storm, shipwreck or other casualties are allowable deductions although such losses are not connected with a trade or business.
Casualty losses involving property used in trade or business of held in a transaction entered into for profit are deductible to'the extent of the decline in fair market value of the property or" the amount of the adjusted basis (original cost less previous deductions for depreciation, etc.) whichever amount is less.
Casualty losses involving non-business personal property must be greater than $100 per casualty and are deductible to'the extent of 'the adjusted basis or the decline in fair market value, whichever is less, minus the $100 exclusion.
In order to substantiate a
90.5%