Losses (a)General rule — There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise. (August 16, 1954, chapter 736, 68A Stat. 49; Public Law 85–866, title I, §§ 7, 57(c)(1), title II, § 202(a), September 2, 1958, 72 Stat. 1608, 1646, 1676; Public Law 87–426, § 2(a), March 31, 1962, 76 Stat. 51; Public Law 88–272, title...