,,ii #aah? ,,congress #a/ ,session ,s4 #bag ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,febru>y #a1 #bjbc,mr4 ,cassidy 7= himself & ,mr4 ,w>nock7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide a special rule = c]ta9 casualty losses ( uncut timb]4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,disa/] ,re=e/ation ,act4 #b4 ,casualty losses ( uncut timb] 7a7 ,9 g5]al ,section #afe7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$-- 7#a7 by /rik+ ,= purposes ( subsection 7a7 & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,= purposes ( subsection 7a7 1 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#b7 ,special rule = casualty loss ( uncut timb] 7,a7 ,9 g5]al ,9 ! case ( ! loss ( any uncut timb] f fire1 /orm1 or o!r casualty1 or f !ft1 ! basis = det]m9+ ! am\nt ( ! d$uction = su* loss 7z o!rwise det]m9$ "u p>agraph 7#a77 %all n be less ?an ! excess (-- 7i7 ! apprais$ value ( su* uncut timb] det]m9$ imm$iately be=e su* loss 0 su/a9$1 ov] 7ii7 ! salvage value ( su* timb]4 7,b7 ,appraisal me?ods 7i7 ,9 g5]al ,) respect to ! appraisal ( a timb] casualty loss describ$ 9 subp>agraph 7,a7-- 7,i7 ! appraisal valuation date %all be n lat] ?an #a ye> aft] ! casualty loss1 & 7,,ii7 ! appraisal %all-- 7aa7 con=m to ! ,uni=m ,/&>ds ( ,pr(essional ,appraisal ,practice 7,,uspap71 7bb7 be limit$ to ! value ( ! lo/ timb]1 & 7cc7 be complet$ by a ,f$]al- or ,/ate-c]tifi$ apprais]4 7ii7 ,delay 9 completion ( appraisal 7,i7 ,9 g5]al ,9 ! case ( any taxpay] :o is unable to obta9 an appraisal describ$ 9 clause 7i7 be=e ! due date ( ! return ( tax 7includ+ any ext5sion ( "t = fil+ su* return7 = ! taxable ye> 9 :i* ! timb] casualty loss occurr$1 ! taxpay] may elect to-- 7aa7 ) respect to ! return ( tax = su* taxable ye>1 include an e/imate ( ! value ( ! uncut timb] det]m9$ imm$iately be=e ! loss 0 su/a9$1 & 7bb7 ^u completion ( ! appraisal )9 ! p]iod describ$ 9 clause 7i77,i71 file an am5d$ return = su* taxable ye> ) respect to any adju/m5t 9 taxable income z det]m9$ pursuant to subclause 7,,ii74 7,,ii7 ,adju/m5t ( taxable income ,) respect to any taxpay] :o elects to provide an e/imate describ$ 9 subclause 7,i77aa7 = any taxable ye> 9 :i* a timb] casualty loss occurr$1 ! taxable income ( ! taxpay] = su* taxable ye> %all be increas$ or decreas$1 z applicable1 by an am\nt equal to ! diff]5ce betwe5-- 7aa7 ! apprais$ value ( su* uncut timb] det]m9$ imm$iately be=e su* loss 0 su/a9$1 z det]m9$ pursuant to ! appraisal describ$ 9 clause 7i71 & 7bb7 ! e/imate provid$ by ! taxpay] "u subclause 7,i77aa7 ) respect to su* uncut timb]4 7,c7 ,exclusion ( timb] n held = sale ,subp>agraph 7,a7 %all n apply to any timb] unless su* timb] is held = ! purpose ( be+ cut & sold 9 connection ) a trade or bus9ess t is n a passive activity )9 ! mean+ ( section #dfi4 7,d7 ,inclusion ( pre-m]*antable timb] ,= purposes ( ?is p>agraph1 ! t]m uncut timb] %all n fail to include pre-m]*antable timb]4 7,e7 ,re=e/ation requirem5t 7i7 ,9 g5]al ,subp>agraph 7,a7 %all n apply unless ! uncut timb] subject to ! loss is re=e/$ 7) h>dwoods1 s(twoods1 or any comb9ation !re(7 by plant+1 se$+1 or appropriate site prep>ation1 n lat] ?an ! close ( ! #e-ye> p]iod beg9n+ on ! date ( su* loss4 7ii7 ,recapture ,! ,secret>y %all1 by regulations1 provide = recaptur+ ! b5efit ( any d$uction all[$ "u ?is section ) respect to any uncut timb] subject to loss to :i* subp>agraph 7,a7 appli$ if ! taxpay] fails to comply ) clause 7i7 dur+ ! p]iod provid$ "u su* clause4 7,f7 ,o!r casualties ,= purposes ( subp>agraph 7,a71 ! t]m o!r casualty %all include loss ( any uncut timb] f-- 7i7 wood-de/roy+ insects1 7ii7 wood-de/roy+ invasive species1 or 7iii7 sev]e dr\ght4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to losses su/a9$ 9 taxable ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4