realized losses
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 280 U.S. 445 - Lucas v. American Code Co. · 1930Most cited · 1,481 citing opinions
the income tax law is concerned only with realized losses, as with realized gains. Exception is made, however, in the case of losses which are so reasonably certain in fact and ascertainable in amount as to justify their deduction, in certain circumstances, before they are absolutely realized.