Exercise 7-23 (Algorithmic) (LO. 4) Determine the treatment of a loss on rental property under the following facts: Basis $880,200 FMV before the loss 1,056,240 FMV after the loss 264,060 The amount of the loss is $ which is not deductible a deduction for AGI a deduction from AGI Belinda was involved in a boating accident in 2020. Her speedboat, which was used only for personal use and had a fair market value of $38,000 and an adjusted basis of $19,000, was completely destroyed. She received $13,300 from her insurance company. Her AGI for 2020 is $47,500. Belinda's tentative casualty loss before any limitations (i.e. $100 floor and AGI) is $ Is her loss currently deductible? Sandstorm Corporation decides to develop a new line of paints. The project begins in 2020. Sandstorm incurs the following expenses in 2020 in connection with the project: Salaries $126,800 Materials 38,040 Depreciation on equipment 19,020 The benefits from the project will be realized starting in July 2021. If an amount is zero, enter "0". If Sandstorm Corporation chooses to defer and amortize its research and experimental expenditures over a period of 60 months, what are its related deductions in 2020 and 2021? 2020: $ 2021: $