A bill to amend the Internal Revenue Code of 1954 to provide for a more equitable determination of the amount of an individual taxpayer's casualty loss deduction for personal use property.

Provides, under the Internal Revenue Code, for a $100 limit on the amount of an individual taxpayer's casualty loss deduction for personal use property. Provides an alternative computation for such loss when the repair or replacement costs exceed the fair market value of the property. (Amends 26 U.S.C. 165 (c))