Insured personal casualty losses

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Reference no: EM13920495

In 2015, Wally had the following insured personal casualty losses (arising from one casualty). Wally also had $42,000 AGI for the year before considering the casualty.

Fair Market Value

Asset	Adjusted Basis	Before	After	Insurance Recovery
A	$9,200	$8,00	$1000	$2000
B	3,000	4,000	-0-	4,000
C	3,700	1,700	-0-	900

Wally's casualty loss deduction is:

a. $1,500.

b. $1,600.

c. $4,800.

d. $58,000.

e. None of the above.

Reference no: EM13920495

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