INCOME EXCLUSION FOR CASUALTY LOSS REIMBURSEMENTS.

SEC. 1402. INCOME EXCLUSION FOR CASUALTY LOSS REIMBURSEMENTS. (a) Parents DIC.—Clause (I) of section 415(f)(1) is amended to read as follows: “(I) reimbursements of any kind for any casualty loss (as defined in regulations which the Administrator shall prescribe), but the amount excluded under this clause may not exceed the greater of the fair market value or the reasonable replacement 102 STAT. 4130 value of the property involved at the time immediately preceding the loss;”. (b) Pension.—Clause (5) of section 503(a) is amended to read as follows: “(5) reimbursements of any kind for any casualty loss (as defined in regulations which the Administrator shall prescribe), but the amount excluded under this clause may not exceed the greater of the fair market value or reasonable replacement value of the property involved at the time immediately preceding the loss;”.