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. building 85000 ( adjusted basis), fmv before damage 115000, fmv after damage 0, insurance proceeds 55000 equipment adjusted basis 68000, fmv before damage 49000, fmv after damage 0, insurance proceeds 15000 barn ( adjusted basis) 95000, fmv before damage 145000, fmv after damage 95000, insurance proceeds 35000 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 45000 of taxable income last year. Their taxable income for the current year is 150000, excluding the loss from the hurricane. a. Calculate the amount of the loss deductible by Derrick and his wife. What amount of loss should be adjusted against current and last year?