{"data":{"id":"us-la/rs-47-60","jurisdiction":"us-la","citation":"RS 47:60","heading":"Deductions from gross income; losses by individuals","body":"In computing the net income of an individual, deductions shall be allowed for losses sustained during the taxable year and not compensated for by insurance or otherwise:\n(1) If incurred in trade or business; or\n(2) If incurred in any transaction entered into for profit, though not connected with the trade or business; or\n(3) Of property not connected with the trade or business, if the loss arises from fires, storms, shipwrecks, or other casualty or from theft. No loss shall be allowed as a deduction under this subsection if at the time of filing of the return such loss had been claimed as a deduction for estate tax purposes in the estate tax return.\nThe basis for determining the amount of deduction for such losses shall be the adjusted basis provided in R.S. 47:139 for determining the loss from the sale or other disposition of property.","path":["TITLE 47. REVENUE AND TAXATION"],"source_url":"https://www.legis.la.gov/legis/Law.aspx?d=102354","current_through":"2025 First Extraordinary Session","vintage":"","retrieved_at":"2026-09-14T05:02:17Z","sha256":"99896c3aa512c3b55400f94c2c2c2cf2020334cb95c2158db4579e85857ca299","source_id":"us-la","stale":false,"prev":"us-la/rs-47-59.1","next":"us-la/rs-47-60.1"},"notice":"GroundRules: Original legal text. Not legal advice."}