7. Albert Able's personal residence is damaged by a fire in 2020. The residence was worth $80,000 before the fire and $40,000 after it. Assume that Albert's basis for the residence was $66,000; that he receives insurance proceeds of $15,000, and that his AGI for the year is $20,000. If Albert itemizes his deductions, how much will he deduct for the casualty loss? A. $ 11,000 25,000 C. 8,500 24,900 E. None of the above B. D