Section 165

There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
Section 165. 165 c limitation on losses of individuals. 165 u s. It applies to disasters at any time of the year and it most definitely applies to the disaster declared for the covid 19 pandemic.
For purposes of subsection a the basis for determining the amount of. For purposes of 165 i a disaster includes an event declared a major disaster or an emergency under the act. 1954 relating to losses for a loss attributable to a disaster occurring during calendar year 1972 which was determined by the president under section 102 of the disaster relief act of 1970 to warrant disaster assistance by the federal government.
B amount of deduction. Internal revenue code section 165 losses. Code unannotated title 26.
The covid 19 global pandemic has caused significant losses for many businesses. Internal revenue code 165.