1. Mr. Smith constructed a building at a cost of $80,000 on land that he leases. He uses half of the building for business purposes and lives in the other half. In the current year, a flood damaged the entire building. Mr. Smith's records reflect the following information: . . Cost of building... $80,000 Depreciation properly deducted......... 4,800 Fair market value of building immediately before flood.... 76,000 Fair market value of building immediately after the flood.. 64,000 Insurance reimbursement received during the current year... 8,000 Smith's adjusted gross income for the current year..... 50,000 What is the amount of Mr. Smith's business and personal casualty losses after any limitations? $0 business: $0 personal. $2,000 business; $0 personal. $2,000 business: $1,800 personal. $900 business: $2,000 personal