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Problem - Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area was declared) and destroyed a farm building and some farm equipment and damaged a barn.
Item
Adj Basis
FMV Before Damage
FMV after Damage
Ins. Proceeds
Building
$123,300
177,000
0
69,600
Equipment
80,200
55,900
19,600
Barn
122,700
197,700
57,900
Due to the extensive damage throughout the area, the president of the United States declared all areas affected by the hurricane as a disaster area. Derrick, who files a joint return with his wife, had $57,000 of taxable income last year. Their taxable income for the current year is $186,000, excluding the loss from the hurricane.
Required -
1. Calculate the amount of the loss deductible by Derrick and his wife?
2. What amount of loss should be adjusted against current and last year?
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