I guess I will have to read 547 to see if a leaking in-ground oil tank is a casualty loss or not. The oil had definitely reached the water table, the remediation is legally required, and I would otherwise have to pay it from other funds.The oil tank probably isn't a casualty loss because it (probably) wasn't sudden/unexpected but due to gradual deterioration. Nevertheless, I don't think that will affect impact of the reimbursement on your tax return. (That is, I expect you will find that you can ignore the reimbursement.)Ira
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