{
  "urn": "urn:us-la:rs:47:60",
  "title_number": "47",
  "section_number": "60",
  "citation": "R.S. 47:60",
  "heading": "Deductions from gross income; losses by individuals",
  "text": "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\n(1) If incurred in trade or business; or\n\n(2) If incurred in any transaction entered into for profit, though not connected with the trade or business; or\n\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.\n\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.",
  "status": "active",
  "hierarchy_path": [
    {
      "level": "title",
      "number": "47",
      "name": "REVENUE AND TAXATION"
    },
    {
      "level": "subtitle",
      "number": "II",
      "name": "PROVISIONS RELATING TO TAXES COLLECTED AND ADMINISTERED BY THE COLLECTOR OF REVENUE"
    },
    {
      "level": "chapter",
      "number": "1",
      "name": "INCOME TAX"
    },
    {
      "level": "part",
      "number": "I",
      "name": "GENERAL PROVISIONS"
    },
    {
      "level": "subpart",
      "number": "C",
      "name": "COMPUTATION OF NET INCOME"
    }
  ],
  "breadcrumb": "Title 47 › Subtitle II › Chapter 1 › Part I › Subpart C",
  "acts_citations": [],
  "acts_citations_raw": null,
  "source_url": "https://legis.la.gov/legis/Law.aspx?d=102354",
  "website_law_id": 102354,
  "scrape_timestamp": "2026-05-22T23:36:33Z",
  "source_html_hash": "sha256:06e5d1cf3e1b9e6ebaed1d8246923890c0a9d2643d89a132daff615cbd3016d1",
  "schema_version": "1.0.0"
}