In 2017,Grant's Personal Residence Was Completely Destroyed by Fire

question 64

Multiple Choice

In 2017,Grant's personal residence was completely destroyed by fire.Grant was insured for 100% of his actual loss,and he received the insurance settlement.Grant had adjusted gross income,before considering the casualty item,of $30,000.Pertinent data with respect to the residence follows:
What is Grant's allowable casualty loss deduction?

• A)$0
• B)$6,500
• C)$6,900
• D)$10,000
• E)$80,000

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Definitions:

Racial Discrimination

The unfair treatment of individuals based on their race or ethnicity.

National Origin

The country where a person was born in, or where their ancestors came from.

Homosexuality

Romantic or sexual attraction or behavior between members of the same sex or gender.

Religious Discrimination

Unfair treatment of individuals or groups based on their religious beliefs or practices.