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52. In 2020, Wally had the following insured personal casualty losses (arising from one casualty in a Federally declared disaster area). Wally also had $
52. In 2020, Wally had the following insured personal casualty losses (arising from one casualty in a Federally declared disaster area). Wally also had $ 42,000 AGI for the year before considering the casualty. Fair Market Value Asset Adjusted Basis Before After Insurance Recovery ABC $ 9,200 $ 8,000 $ 1,000 $ 2,000 3,000 4,000 -0- 4,000 3,700 1,700 -0- 900 Wally's casualty loss deduction is: a. $1,500 b. $1,600 c. $2,000 d. $2,800 e. $3,500
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