a) This year D's warehouse (used in his business) worth $120,000 (basis $125,000) was completely destroyed by fire. D received insurance proceeds of $50,000. If D's A.G.I. is $30,000 this year, how much of the loss may be claimed? What type of deduction is the casualty (FOR AGI, ITEMIZED, MISC. ITEMIZED)? SHOW ALL WORK R b) Same facts, except the warehouse had a FMV of $ $50,000 following the fire. How much of the loss may be claimed? What type of deduction is the casualty (FOR AGI, ITEMIZED, MISC. ITEMIZED)? SHOW ALL WORK