Have a Tax Question? Ask a Tax Expert
Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.
If you, personally, received a grant in relation to Hurricane Sandy, chances are that grant isn't taxable to you but when a business receives a disaster relief grant it is generally taxable.
Section 61(a) provides that, except as otherwise provided by law, gross income means all income from whatever source derived.
Section 139(a) excludes from gross income any amount received by an individual as a qualified disaster relief payment. Section 139(b) provides, in part, that the term “qualified disaster relief payment” means any amount paid to or for the benefit of an individual.
There were numerous relief provisions but not for this unfortunately.