Good News: We can claim casualty loss sa BIR. YES tama claim of casualty loss sa BIR. Kinds of Losses: 1. Inventory 2. Machinery & Equipments 3. Accounting Records 4. Other Assets Types of losses: a. Ordinary Loss – Declared as waste or obsolete due to spoilage. (RMO-21-2020) b. Casualty Loss – Due to Fire, Storm, Shipwreck, robbery, theft or embezzlement. (RR-12-77 & RMO 31-2009). RR 12-77 Casualty loss – Is the complete or partial destruction of property resulting from an identifiable event of