Internal Revenue Service
Revenue Ruling
TaxLinks.com
smRev. Rul. 73-52
1973-1 C.B. 76
Sec. 165
IRS Headnote
"Major disaster" areas in which losses during 1972 qualify for special tax treatment under section 165(h) of the Code.
Full Text
Rev. Rul. 73-52
Under section 165(h) of the Internal Revenue Code of 1954, a taxpayer who suffers a disaster loss after December 31, 1971, may elect to take his deduction for that loss on his Federal income tax return for the taxable year immediately preceding the taxable year in which the disaster occurred, provided the loss is one that occurred in an area determined by the President of the United States to warrant assistance by the Federal government under the Disaster Relief Act of 1970.
The election to deduct for the preceding year must be made on or before the later of (1) the original due date of the taxpayer's income tax return for the year in which the disaster occurred, or (2) the due date of the preceding year's return (taking into account extensions of time for filing granted to the taxpayer). Section 1.165-11 of the Income Tax Regulations sets forth the procedures for making an election with respect to such losses.
The President has determined that the areas listed below have been adversely affected by natural disasters of sufficient severity occurring during 1972 to warrant disaster assistance by the Federal government under the Disaster Relief Act of 1970.
--------------------------------------------------------------------
States in which
disaster areas Type of disaster Beginning
declared in 1972 on or about
--------------------------------------------------------------------
Arizona Severe storms and flooding June 21, 1972
Heavy rains and flooding Oct. 18, 1972
California Severe storms and flooding Jan. 20, 1972
Levee break and flooding June 21, 1972
Florida Hurricane Agnes June 17, 1972
Idaho Severe storms and flooding Jan. 18, 1972
Illinois Severe storms and flooding Aug. 25, 1972
Iowa Severe storms and flooding July 11, 1972
" " " " Sept. 9, 1972
Kentucky Severe storms and flooding April 12, 1972
Maine Severe storms and flooding Feb. 18, 1972
Toxic algae in the coastal
waters Sept. 14, 1972
Maryland Severe storms and flooding June 21, 1972
Massachusetts Severe storms and flooding Feb. 18, 1972
Toxic algae in the coastal
waters Sept. 14, 1972
Michigan Severe storms and freezing March 13, 1972
Severe storms and flooding Nov. 14, 1972
Minnesota Severe storms and flooding July 21, 1972
" " " " Aug. 16, 1972
North Dakota Severe storms and flooding May 17, 1972
New Hampshire Severe storms and flooding Feb. 18, 1972
New Mexico Severe storms and flooding July 17, 1972
Heavy rains and flooding Aug. 31, 1972
" " " " Oct. 19, 1972
New York Severe storms and flooding June 18, 1972
Ohio Severe storms and flooding June 23, 1972
" " " " Nov. 14, 1972
Oregon Severe storms and flooding Jan. 11, 1972
Pennsylvania Severe storms and flooding June 21, 1972
Heavy rains and flooding Sept. 11, 1972
South Dakota Severe storms and flooding June 9, 1972
Tennessee Flooding April 12, 1972
Texas Severe storms and flooding May 7, 1972
Virginia Severe storms and flooding June 21, 1972
" " " " Sept. 20, 1972
" " " " Oct. 5, 1972
Washington Severe storms and flooding Jan. 19, 1972
Heavy rains and flooding Feb. 13, 1972
Severe storms and flooding May 28, 1972
West Virginia Heavy rains and flooding Feb. 24, 1972
Severe storms and flooding June 21, 1972
Heavy rains and flooding Aug. 18, 1972
Wisconsin Heavy rains and flooding Aug. 15, 1972
--------------------------------------------------------------------