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Determine the net deductible casualty loss on the Schedule A for Jackson when his adjusted gross income was $60,000 in 2021 and the following
Determine the net deductible casualty loss on the Schedule A for Jackson when his adjusted gross income was $60,000 in 2021 and the following occurred: ADJUSTED FMV FMV INSURANCE ASSET BASIS BEFORE AFTER REIMBURSEMENT A $800 $2,000 $500 $100 B 14,000 18,000 5,000 1,100 C 600 3.000 2.775 125 A and B were destroyed in the same casualty in March. C was destroyed in a separate casualty in July. All casualty losses were non-business personal use property losses and occurred in a federally declared disaster area. What is the amount of the net deductible casualty loss? (Show all calculations in good form
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