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Insured personal casualty losses

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Reference no: EM13921623

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: EM13921623

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