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In 2014, Georgia had the following insured personal casualty losses (arising from one casualty). Georgia also had $20,000 adjusted gross income for the year.
Adjusted Fair Market Value Insurance
Asset Basis Before After Recovery
A 1,200 1,000 200 100
B 3,000 2,000 0 500
C 600 800 0 100
What is Georgia’s itemized deduction for her casualty losses?
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