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An AI model extracted this from the bill’s official record and can make mistakes. Check the official text ↗ (opens in new tab)

Casualty Loss

A loss of property resulting from an unexpected, sudden, or unusual event, such as a fire, storm, or shipwreck, or from theft.

Uncut Timber

Trees that are still standing and have not been harvested or cut down. This can include young trees (pre-merchantable timber) as well as mature trees.

Basis (for tax purposes)

The original cost of an asset, adjusted for things like improvements or depreciation, used to determine profit or loss for tax purposes when the asset is sold or lost.

Salvage Value

The estimated resale value of an asset after it has been damaged or reached the end of its useful life, often for selling the remaining parts or materials.

Appraisal

A professional assessment of the value of property, conducted by a certified expert, typically using specific valuation methods and standards.

Reforestation

The process of replanting trees on land that has been cleared or where the existing forest has been destroyed, such as by fire or logging.

Internal Revenue Code

The main body of federal tax law in the United States, administered by the Internal Revenue Service (IRS).