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What is Wes net casualty loss deduction

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Question - Wes owned a business which was destroyed by fire in May 2018. Details of his losses follow:

Asset

Adj. Basis

FMV Before

FMV After

Insurance Reimbursement

A

$1,000

$2,000

$0

$2,000

B

15,000

10,000

3,000

2,000

C

2,400

5,000

2,500

1,000

His AGI without consideration of the casualty is $45,000.

Required - What is Wes's net casualty loss deduction for 2018?

Reference no: EM132622870

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