Distinguish between the tax treatment for donations to charitable organizations of cash, ordinary income property, and capital gain property.

Derrick owns a farm in eastern North Carolina. A hurricane hit the area (a national disaster area was deciared) and destroyed building 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 hurrican disaster area. Derrick, who files a joint return with his wife, had $57,000 of taxable income last year. Their taxable income for the cutrent year is $186.000, 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 against current and last year