Illustrate what is kirk allowable casualty loss deduction

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Reference no: EM13123323

Kirk had an adjusted gross income of $60,000. During the year, his personal use summer home was partially destroyed by a fire. Pertinent data with respect to the home follows:

Cost basis $225,000
Value before casualty $235,000
Value after casualty $165,000

Kirk was insured for 70% of his actual loss, and he received the insurance settlement. What is Kirk's allowable casualty loss deduction?

Reference no: EM13123323

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