1. In 2020, Wally had the following insured personal casualty losses (arising from one casualty in a Federally declared disaster area). Wally also had $28,000 AGI for the year before considering the casualty. Fair Market Value Asset After Adjusted Basis $6,200 Before $8,000 Insurance Recovery $2,000 $1,000 B B 4,000 5,000 -0- 4,500 3,000 1,000 -0- 900 Wally's casualty loss deduction is Answer (please show details for credits)