Determine the net deductible casualty loss on the Schedule A for Alan Michael when his adjusted gross income was $40,000 in 2015 and the following occurred: 
A and B were destroyed in the same casualty in March.C was destroyed in a separate casualty in July.
All casualty losses were nonbusiness personal use property losses and none occurred in a federally declared disaster area.
What is the amount of the net deductible casualty loss?
Definitions:
Variable Costs
Costs that vary directly with the level of production or sales volume, such as raw materials and direct labor.
Average Operating Assets
The average value of the assets used in the normal course of business to generate operating income, often calculated over a period to assess performance.
Controllable Fixed Costs
Costs that management has the power to influence or change in the short term.
Budgetary Control
The process of monitoring financial budgets by comparing actual performance with the budgeted amounts to manage financial resources effectively.
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