A bill amend the Internal Revenue Code of 1954 to provide that losses attributable to disasters determined to warrant assistance under the Disaster Relief Act of 1974 shall be allowable as a deduction without regard to whether they exceed 10 percent of the adjusted gross income of the taxpayer.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to provide that losses attributable to disasters determined to warrant assistance under the Disaster Relief Act of 1974 shall be allowable as an income tax deduction without regard to whether they exceed ten percent of the adjusted gross income of the taxpayer.…