PERSONAL CASUALTY AND THEFT LOSSES.

SEC. 208. PERSONAL CASUALTY AND THEFT LOSSES. (a) Limitation on Amount of Casualty or Theft Loss Deduction.—Section 165(c) (3) (relating to losses of property not connected with trade or business) is amended to read as follows: “(3) losses of property not connected with a trade or business, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft. A loss described in this paragraph shall be allowed only to the extent that the amount of loss to such individual arising from each casualty; or from each theft., exceeds $100. For purposes of the $100 limitation of the preceding sentence, a husband and wife making a joint return under section 6013 for the taxable year in which the loss is allowed as a deduction shall be treated as one individual. No loss described in this paragraph shall be allowed if, at the time of filing the return, such loss has been claimed for estate tax purposes in the estate tax return.” (b) Effective Date.—The amendment made by subsection (a) shall apply to losses sustained after December 31, 1963, in taxable years ending after such date.