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In 2020, the Jurics pleasure boat was severely damaged by a hurricane in a region that was declared a federally disaster area. They had AGI

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In 2020, the Jurics pleasure boat was severely damaged by a hurricane in a region that was declared a federally disaster area. They had AGI of $110.000 in 2020. The following information relates to the craft Cost Basis $ 95,eee FMV before casualty 145,000 FMV after casualty The Juries had Insurance and received an $80,000 insurance settlement. What is the allowable casualty loss deduction for the Jurics in 2020? 25,000 Mittle Choice 550.000 515.000 $31000

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