Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a natlonal disaster area was declared) and destroyed a farm bulling and some farm equipment and damaged a barn. Due to the extensive damage throughout the area, the president of the United States declared all areas affected by the hurricane as a dlsaster area. Derrick, who files a joint return with his wife, had $45,000 of taxable Income last year. Thelr taxable income for the current year is $150,000, excluding the loss from the hurricane. Required: a-1. Calculate the amount of the loss deductible by Derrick and his wife. a-2 What amount of loss should be adjusted agalnst current and last year? In 2020, Gerald loaned Maln Street Bakery $54,000 with whom he had a buslness relationship. In 2021, he learned that he would probably recelve only $5,940 of the loan. In 2022 , Gerald recelved $2,700 In final settlement of the loan. Required: Calculate Gerald's possible deductions with respect to the loan for 2020, 2021, and 2022 Note: Leave no cells blank. Enter " 0 " wherever required