Louisiana Revised Statutes 47:60 – Deductions from gross income; losses by individuals
Terms Used In Louisiana Revised Statutes 47:60
- Taxable year: includes , in the case of a return made for a fractional part of a year under the provisions of this Chapter or under regulations prescribed by the collector, the period for which return is made. See Louisiana Revised Statutes 47:98
In computing the net income of an individual, deductions shall be allowed for losses sustained during the taxable year and not compensated for by insurance or otherwise:
(1) If incurred in trade or business; or
(2) If incurred in any transaction entered into for profit, though not connected with the trade or business; or
(3) Of property not connected with the trade or business, if the loss arises from fires, storms, shipwrecks, or other casualty or from theft. No loss shall be allowed as a deduction under this subsection if at the time of filing of the return such loss had been claimed as a deduction for estate tax purposes in the estate tax return.
The basis for determining the amount of deduction for such losses shall be the adjusted basis provided in La. Rev. Stat. 47:139 for determining the loss from the sale or other disposition of property.