Chapter 7 Discussion: Please pick at least one the following topics to discuss: Taxpayers are generally allowed to claim casualty losses as a deduction under Code Sec. 165(c). Further Rev. Rul. 75-592 states additional criteria for casualty losses: 1) identifiable, 2.) damaging to property, and 3.) must be sudden, unexpected, or unusual (also see: IRS Publication 547, Casualties, Disasters, and Thefts). I'd like us to think about these criterion a bit further. Please have a look at IRS Publication 547 and discuss some interesting applications of these criterion. For example: Losing a diamond ring on its own is not necessarily an "identifiable event" especially if you cannot recall when or where you lost it. Thus, it would not be deductible as a casualty loss. Yet Publication 547 provides an example: "A car door is accidentally slammed on your hand, breaking the setting of your diamond ring. The diamond falls from the ring and is never found. The loss of the diamond is a casualty." However, if this casualty occurred during 2018-2025 it would also need to be a federally declared disaster to be deductible. For example, if Hurricane lan caused the winds that blew the car door shut, then the casualty should be deductible. There are many other examples provided in IRS Publication 547 that are quite interesting, so please let me know which ones you find noteworthy.