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110-114. A tornado damaged Louise's home on August 17, this year. The tornado was a federally declared disaster. To restore the destroyed property she paid
110-114. A tornado damaged Louise's home on August 17, this year. The tornado was a federally declared disaster. To restore the destroyed property she paid the following amounts 580,000 to repair the damage to the house. The house originally cost $70,000 and was worth approximately $90,000 at the time of the tornado Louise filed a claim with her insurance company and received $65,000 She has AGl of $30,000 110 The measure of the loss as the starting point of the calculation is: a. $80,000 b. 70,000 C. S90,000 a. C. d. None of the above. QUESTION 43 If this is a personal casualty loss (as distinguished from a business casualty loss), the loss to be deductible must exceed (in addition to what a business loss would need to exceed) a. $2,250 b. $3,100 C. C. S0 d. $600 e. e. None of the above. QUESTION 44 For any of Louise's loss to be deductible it must be greater tharn a. a. $65,000 b. S68.100 C. c.$100 d. 3,000 e. e. None of the above
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