1. In 2023, Grants personal residence was completely destroyed by fire. He was insured for 100% of his actual loss, and he received the insurance settlement. Grant had adjusted gross income before considering the casualty item of $30,000. Pertinent data with respect to the residence follows:

Adjusted basis $280,000

Value before casualty 250,000

Value after casualty 0

1. What is Grants allowable personal casualty loss deduction?

1. What amount is an allowable personal deduction on Grants tax return if the insurance only paid $230,000?

1. What amount would be allowed as a business deduction if Grant was a sole proprietor and the building that was completely destroyed by fire was the business property?