What is grants allowable casualty loss deduction

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In 2013, Colin's personal residence was damaged by fire. Colin was insured for 80% of his actual loss, and he received the insurance settlement. Colin had adjusted gross income, before considering the casualty item, of $40,000. Pertinent data with respect to the residence follows:? Cost basis $170,000, Value before casualty: $250,000, Value after casualty: $150,000. What is Grant’s allowable casualty loss deduction? a. ?$15,900 b. ?$6,900 c. ?$170,000 d. ?$6,500 e. ?$20,000

Reference no: EM131258311

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