In 2021, Wilson Enterprises, a calendar year taxpayer, suffers a casualty loss of $122,500. The casualty was attributable to a Federally declared disaster. How much of the casualty loss will be deductible by Wilson under the following circumstances?

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a. Wilson is an individual proprietor and has AGI of $306,250. The casualty loss was a personal loss, and the insurance recovered was $67,375 before any limitations.

Wilson can claim a casualty loss as an itemized deduction of $fill in the blank 497824034003faa_1.

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b. Assume Wilson is a corporation, and the insurance recovered was $67,375 before any limitations.

Wilson can deduct $fill in the blank 4ab3b700bfee04d_1.