Determine the Net Deductible Casualty Loss on the Schedule a for Alan

question 40

Essay

Determine the net deductible casualty loss on the Schedule A for Alan Michael when his adjusted gross income was $40,000 in 2016 and the following occurred:
$$\begin{array} { c c c c c } & \text { Adj. } & \text { FMV } & \text { FMV } & \text { INsurance } \\\text { Asset } & \text { Easis } & \text { Elefore } & \text { After } & \text { Reimbursement } \\\text { A } & \$ 1,200 & \$ 2,000 & \$ 500 & \$ 100 \\\text {B } & 14,000 & 12,000 & 5,000 & 1,100 \\\text { C } & 600 & 3,000 & 2,775 & 125\end{array}$$ 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?

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