Encino Plaza, Inc. owns a 50-acre shopping strip in Encino, California. In January 1994, an earthquake hit the area and destroyed parts of the shopping center. Some relevant information include the following:

Asset	Basis	FMV Before	FMV After	Insurance Recovery
Building	$90,000	$70,000	$0	$70,000
Equipment	$40,000	$50,000	$0	$25,000
Parking Structure	$90,000	$120,000	$70,000	$25,000

Because of the extensive damage caused by the earthquake, the President of the U.S. designated the area as a disaster area. Encino Plaza Inc. had $90,000 of taxable income last year. The companys taxable income for the current year, excluding the loss from the earthquake, is $220,000. Determine the amount of the corporations loss and the year in which it should take the loss.