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What is Grant allowable casualty loss deduction

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Problem - In 2018, Grant's personal residence was completely destroyed by fire. Grant was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income, before considering the casualty item, of $30,000. Pertinent data with respect to the residence follows:

Cost basis $280,000

Value before casualty 250,000

Value after casualty -0-

Required - What is Grant's allowable casualty loss deduction? What would Grant's casualty loss deduction be if there were no insurance settlement proceeds and the loss was from a Federally declared disaster area?

Reference no: EM132728591

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