Derrick owns a form 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, Adjusted FMV before FMV after Insurance Item Basis Donage Damage Proceeds Building $ 96,800 $ 132,100 $. $ 61,500 Equipment 86,100 64,900 24,200 Barn 135,400 194,900 135,400 53,400 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 $71,400 of taxable income last year. Their taxable income for the current year is $229,200, excluding the loss from the hurricane. Required: 2-1. Calculate the amount of the loss deductible by Derrick and his wife, -2. What amount of loss should be adjusted against current and last year? 0-1 Loss Amount Current year