Check my work Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area was declared) and destroyed a farm building and some farm equipment and damaged a barn. Iten Building Equipment Barn FNV Adjusted before FMV after Insurance Basis Damage Damage Proceeds $131,700 $183,600 $ $79,800 96,100 74,900 15,100 137,eee 209,900 137,000 62,500 sok rences Due to the extensive damage throughout the area, the president of the United States declared all areas affected by the hurricane as a disaster area. Derrick. who files a joint return with his wife, had $70,500 of taxable income last year. Their taxable income for the current year is $226,500, excluding the loss from the hurricane 0-1. Calculate the amount of the loss deductible by Derrick and his wife. a-2. What amount of loss should be adjusted against current and last year? Loss Amount -- trov 62,500 ts Due to the extensive damage throughout the area, the president of the United States declared all areas a disaster area. Derrick, who files a joint return with his wife, had $70,500 of taxable income last year. Their current year is $226,500, excluding the loss from the hurricane. 0-1. Calculate the amount of the loss deductible by Derrick and his wife. 0-2. What amount of loss should be adjusted against current and last year? eBook Print ferences a- Loss Amount 1 a- 2 Current year Last year 4