In 2017, Wally Had the Following Insured Personal Casualty Losses $\quad$

question 141

Multiple Choice

In 2017, Wally had the following insured personal casualty losses (arising from one casualty) .Wally also had $42,000 AGI for the year before considering the casualty. $\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\quad$$\underline{\text { Fair Market Value }}$
$\begin{array}{ccccc}\text { Asset } & \text { Adjusted Basis }& \text { Before } &\text { After }& \text { Insurance Recovery }\\\hline\text { A } & \$ 9,200 & \$ 8,000 & \$ 1,000 & \$ 2,000 \\\text { B } & 3,000 & 4,000 & -0- & 4,000 \\\text { C } & 3,700 & 1,700 & -0- & 900\end{array}$ Wally's casualty loss deduction is:

• A)$1,500.
• B)$1,600.
• C)$4,800.
• D)$58,000.
• E)None of the above.

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