Compute his deduction

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Question - Mark had a structure that was destroyed by hurricane Michael, in a federally declared disaster area. Unfortunately, he had no insurance coverage on the structure. He gives you the following information:

Fair Market Value of Structure before casualty $12,000

Adjusted Basis of building 18,000

Mark's Adjusted Gross Income before casualty 5,000

Required - Compute his deduction assuming this structure was used in his business. Show in your answer WHERE this deduction would be taken.

Reference no: EM133068897

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