Exercise 7-27 (LO. 4) During the current year, Tucker had the following personal casualty gains and losses (after deducting the $100 floor): Gain or (Loss) Asset Holding Period Asset 1 18 months Asset 2 2 months Asset 3 3 years ($1,200) 750 1,500 What are the tax consequences of these items to Tucker? As a result of these transactions, Tucker has net personal casualty gain gains and losses as capital 20,315 X. Therefore, he treats all of the gains and losses. Feedback Check My Work If a taxpayer has personal casualty and theft gains as well as losses, a special set of rules applies for determining the tax consequences. A personal casualty gain is the recognized gain from a casualty or theft of personal use property. A personal casualty loss for this purpose is a casualty or theft loss of personal use property after the application of the $100 floor