A bill to amend the Internal Revenue Code of 1954 with respect to the treatment of casualty losses in the case of fruit or nut trees.

Amends the Internal Revenue Code to allow an income tax deduction for casualty loss of depreciable fruit or nut trees. Sets a minimum deduction of the fair market value on the date such loss occurs, with a further allowance for an up to ten-year carryback and an up to four-year carryover.