How much of the casualty loss will be deductible by wilson

Reference no: EM133507286

In the current year, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $115,000. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances?

Question a. Wilson is an individual proprietor and has AGI of $287,500. The casualty loss was a personal loss, and the insurance recovered was $63,250 before any limitations.

Reference no: EM133507286

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